The post BlackRock’s Bold Move in the Middle East Secures License To Abu Dhabi appeared first on Coinpedia Fintech News
Global asset management giant BlackRock, known for managing a massive $11.5 trillion in assets, is making waves in the Middle East. The company has secured a license to operate in Abu Dhabi. This move follows approval for a regional headquarters in Riyadh and a $5 billion boost from Saudi Arabia’s Public Investment Fund.
BlackRock Gets License to Operate in Abu Dhabi
BlackRock is working to expand its presence in Abu Dhabi by seeking additional regulatory approval to operate in the Abu Dhabi Global Market (ADGM), the city’s international financial center.
ADGM is already home to well-known crypto companies like Blockdaemon, M2, and Laser Digital. At the same time, Abu Dhabi and Riyadh are competing with Dubai to become the top business hub in the Middle East.
Meanwhile, each city manages over $1 trillion in sovereign wealth, showcasing its importance in the global financial landscape.
Recently, BlackRock received approval to set up its regional headquarters in Riyadh. The company also secured up to $5 billion from Saudi Arabia’s Public Investment Fund, highlighting its commitment to growing its investments in the region.
Focus on AI and Private Markets
BlackRock’s plans in Abu Dhabi revolve around artificial intelligence (AI) and private markets, signaling a forward-thinking approach. By prioritizing AI infrastructure, the firm aligns itself with the UAE’s growing focus on technology.
This includes major initiatives like Microsoft’s $1.6 billion investment in Abu Dhabi-based AI company G42, which highlights the region’s commitment to technological advancement.
To lead its operations in the UAE, BlackRock has appointed Mohammad Alfahim as the head of its local business. Additionally, Ben Powell has been relocated to serve as the first-ever chief Middle East and Asia Pacific investment strategist for the BlackRock Investment Institute.
#News [Source: Coinpedia]