Global investment giant BlackRock has received a commercial license to operate in Abu Dhabi, further strengthening its presence in the UAE. Known for managing $11.4 trillion in assets and its recent foray into spot Bitcoin ETFs.
The approval, granted on November 18, marks a significant step for the world’s largest asset manager as it aims to collaborate with the UAE’s wealth managers, sovereign wealth funds, and investment entities.
BlackRock’s Middle East head, Charles Hatami, highlighted Abu Dhabi’s appeal as a global financial hub, citing its proactive government policies and commitment to sustainable growth.
While the UAE is celebrated as a cryptocurrency hub, BlackRock’s initial plans emphasize artificial intelligence (AI) infrastructure and private market investments. Hatami’s statement aligns with the growing AI momentum in Abu Dhabi, which has attracted tech giants like Microsoft.
Earlier this year, Microsoft invested $1.6 billion in G42, an Abu Dhabi-based AI conglomerate, and announced plans to establish two AI innovation centers in the city.
In addition to the newly obtained license, BlackRock is pursuing operational approval in the Abu Dhabi Global Market (ADGM), a prominent international financial hub hosting leading crypto firms like Blockdaemon and Laser Digital.
This expansion comes on the heels of BlackRock’s broader Middle East strategy. The firm recently appointed Mohammad AlFahim as its UAE head and relocated Ben Powell, its Chief Middle East & APAC Investment Strategist, to the region. BlackRock is also setting up a regional headquarters in Saudi Arabia, supported by a $5 billion platform backed by the Saudi Public Investment Fund.
CEO Larry Fink, speaking at Riyadh’s Future Investment Initiative, emphasized the global need for trillions in capital to drive digitization, decarbonization, and infrastructure rebuilding—key trends shaping BlackRock’s regional focus.
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