{"id":98037,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/blackrock-expands-into-abu-dhabi-with-a-new-commercial-license\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"blackrock-expands-into-abu-dhabi-with-a-new-commercial-license","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/blackrock-expands-into-abu-dhabi-with-a-new-commercial-license\/","title":{"rendered":"BlackRock expands into Abu Dhabi with a new commercial license"},"content":{"rendered":"

BlackRock lands Abu Dhabi commercial license:<\/strong> BlackRock, the world\u2019s largest asset manager, with an asset management portfolio of USD 11.5 tn<\/a>, obtained a commercial license in Abu Dhabi, and is now eyeing regulatory approval to operate in the ADGM, Bloomberg<\/a> reports. <\/p>\n

A new focus on the Middle East:<\/strong> The latest sign of BlackRock\u2019s regional push comes weeks after BlackRock received approval<\/a> to establish its regional headquarters in Saudi Arabia. BlackRock also signed a USD 5 bn<\/a> agreement with the Kingdom to develop an investment platform in collaboration with the Saudi\u2019s Public Investment Fund (PIF). <\/p>\n

The asset manager\u2019s focus on the region will be on private markets, including AI infrastructure<\/strong>, Middle East Head Charles Hatami said. <\/p>\n

Background: <\/strong>The firm recently launched five funds<\/a> with Aditum Investment Management for UAE investors. It also launched a new USD 30 bn global AI infrastructure fund<\/a> 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. <\/p>\n

BlackRock\u2019s push in both the Kingdom and Abu Dhabi is a testament to Abu Dhabi and Riyadh\u2019s efforts to lure more finance firms<\/strong> and international players, with both vying to become global finance centers as they look to diversify their economies. <\/p>\n

Abu Dhabi\u2019s efforts have been bearing fruit:<\/strong> European investment group Investindustrial will establish its debut regional office<\/a> in Abu Dhabi, following the footsteps of US-based investment manager Nuveen which is set to open its first Middle East office<\/a> in the emirate. US wealth manager GQG Partners also recently invested USD 500 mn<\/a> in International Holding Company\u2019s (IHC) investment platform Alpha Dhabi. <\/p>\n","protected":false},"excerpt":{"rendered":"

The asset manager is eyeing regulatory approval to operate in the ADGM<\/p>\n","protected":false},"author":1,"featured_media":98038,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1972],"tags":[1360,489,523,7,1342,341],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-equity","tag-abu-dhabi","tag-adgm","tag-blackrock","tag-enterpriseam-uae","tag-investment","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"83dbe09b-2f39-4f49-9b17-d54cd2c4ae6b","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1071.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BlackRock expands into Abu Dhabi with a new commercial license","related_issue":[98026],"teaser":"The asset manager is eyeing regulatory approval to operate in the ADGM","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.969a6307-5a21-47c9-a862-26233f75c511.mp3"},"yoast_head":"\nBlackRock expands into Abu Dhabi with a new commercial license - 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