BlackRock, the US-based financial giant overseeing an impressive $11 trillion in assets, has received a commercial license in Abu Dhabi. This strategic decision is part of the firm’s efforts to enhance its footprint in the Middle East and North Africa (MENA) region, showcasing its confidence in the UAE’s expanding financial landscape.
With this approval, BlackRock intends to pursue regulatory authorization to operate from the Abu Dhabi Global Market (ADGM), recognized as one of the region’s premier financial centers. This expansion aims to provide improved investment services and strengthen ties with local clients, sovereign wealth funds, and government entities.
For more than twenty years, BlackRock has been building strong relationships with clients in the UAE, and the establishment of this new office in Abu Dhabi signifies a serious commitment to the region. “The new office reflects BlackRock’s dedication to nurturing deeper relationships and collaborating with clients and partners throughout the UAE,” stated a company spokesperson.
BlackRock’s strategy in the Middle East has gained traction, especially following the appointment of Mohammad AlFahim as the Head of the UAE earlier this year. Furthermore, Ben Powell has been named as the firm’s inaugural Chief Middle East & APAC Investment Strategist. These appointments are designed to enhance BlackRock’s capacity to serve clients across the region, with a focus on sectors like renewable energy, infrastructure, and technology, all vital to the UAE’s future vision.
Charles Hatami, Head of Middle East and Global Head of the Financial & Strategic Investors Group at BlackRock, shared his thoughts on the expansion: “Our presence in ADGM will enable us to better serve our clients and strengthen our relationships with sovereigns, wealth managers, and investment vehicles in sectors critical to the region’s development.”
With its extensive global reach and expertise in managing trillions of dollars in assets, BlackRock’s commitment to the region is clear.
