BlackRock lands Abu Dhabi commercial license: BlackRock, the world’s largest asset manager, with an asset management portfolio of USD 11.5 tn, obtained a commercial license in Abu Dhabi, and is now eyeing regulatory approval to operate in the ADGM, Bloomberg reports.

A new focus on the Middle East: The latest sign of BlackRock’s regional push comes weeks after BlackRock received approval to establish its regional headquarters in Saudi Arabia. BlackRock also signed a USD 5 bn agreement with the Kingdom to develop an investment platform in collaboration with the Saudi’s Public Investment Fund (PIF).

The asset manager’s focus on the region will be on private markets, including AI infrastructure, Middle East Head Charles Hatami said.

Background: The firm recently launched five funds with Aditum Investment Management for UAE investors. It also launched a new USD 30 bn global AI infrastructure fund alongside Microsoft, Global Infrastructure Partners, and Abu Dhabi-based investment firm MGX. The fund aims to invest in data centers and energy projects that can power them.

BlackRock’s push in both the Kingdom and Abu Dhabi is a testament to Abu Dhabi and Riyadh’s efforts to lure more finance firms and international players, with both vying to become global finance centers as they look to diversify their economies.

Abu Dhabi’s efforts have been bearing fruit: European investment group Investindustrial will establish its debut regional office in Abu Dhabi, following the footsteps of US-based investment manager Nuveen which is set to open its first Middle East office in the emirate. US wealth manager GQG Partners also recently invested USD 500 mn in International Holding Company’s (IHC) investment platform Alpha Dhabi.

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