BlackRock Inc., the world’s largest asset manager with $11.4 trillion in assets under management (AUM), has obtained a commercial license in Abu Dhabi, signaling its intent to deepen its footprint in the region. The company has also announced plans to seek regulatory approval to operate in the Abu Dhabi Global Market (ADGM).
This strategic move comes on the heels of BlackRock’s earlier announcement to establish its regional headquarters in Saudi Arabia, underscoring its commitment to expanding operations across the Middle East.
In Abu Dhabi, BlackRock aims to collaborate with sovereign wealth funds, wealth managers, and investment vehicles, with a strong focus on artificial intelligence infrastructure and transition-focused solutions. The UAE capital is set to play a critical role in BlackRock’s regional strategy, aligning with its broader vision of supporting digitization, decarbonization, and infrastructure development globally.
As part of its regional expansion, BlackRock recently appointed Mohammad AlFahim as Head of the UAE and relocated Ben Powell to the region as the first Chief Middle East & APAC Investment Strategist for the BlackRock Investment Institute.
Larry Fink, BlackRock’s CEO, underscored the significance of the MENA region at the Future Investment Initiative (FII) forum in Riyadh last month, where he highlighted the trillions of dollars required to rebuild global infrastructure, digitize economies, and drive decarbonization efforts.
Earlier this year, BlackRock announced plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from the Public Investment Fund (PIF), further demonstrating its commitment to capitalizing on the region’s economic transformation.
This move reinforces BlackRock’s strategy of leveraging the Middle East as a pivotal hub for driving global investment and innovation in sustainable and transformative solutions.
