Emirates NBD and BlackRock are partnering to launch an alternative asset-focused investment platform, offering the bank’s clients exclusive access to private markets, according to a press release. The platform will initially introduce several “evergreen offerings” tailored for the UAE’s wealth market, targeting both income and growth strategies. As part of the collaboration, BlackRock will support Emirates NBD’s expansion into private markets by providing marketing, education, training, and technology services.

The offerings will be based on BlackRock’s Alternative Investments platform, which currently exceeds USD 450 bn in assets under management, according to the statement.

BlackRock has been capitalizing on UAE-based capital, as it looks towards private markets in the region, including AI infrastructure, Middle East Head Charles Hatami previously said. It also tapped Abu Dhabi’s MGX in a partnership to back a USD 30 bn global AI infrastructure fund alongside others such as Microsoft, Nvidia, and Elon Musk’s xAI. The firm also previously launched five funds with Aditum Investment Management for UAE investors.

The UAE’s appetite for private credit has been growing, with Mubadala identifying it as its top-performing asset class for three consecutive years. The Abu Dhabi sovereign wealth fund has six private credit partnerships spanning the US, Europe, and Asia. The Abu Dhabi Investment Authority (ADIA) also serves as an anchor investor for Pemberton’s USD 1 bn financing strategy and a South Korean credit fund. Private credit firms are expected to see rising demand as more medium-sized businesses grow their presence in the UAE.

The story also got ink from Bloomberg.

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