BlackRock Granted Approval to Operate in Abu Dhabi

BlackRock has successfully secured authorization to commence operations in Abu Dhabi. This development reflects its strategic move to enhance its foothold in the UAE’s environment, which is notably welcoming to cryptocurrency initiatives. The license was officially granted on November 18, allowing the global investment giant to further its regional expansion.

Although the UAE is renowned as a crypto hub, Charles Hatami, BlackRock’s head of the Middle East, mentioned to Bloomberg that the company’s focus will be on artificial intelligence infrastructure and private markets rather than digital assets.

This initiative aligns with broader AI investments in Abu Dhabi. For instance, on April 16, Microsoft announced a $1.6 billion investment in G42, an AI tech holding company based in Abu Dhabi, aiming to foster AI development both regionally and globally. Moreover, on September 17, Microsoft revealed plans to establish two AI centers in Abu Dhabi as part of its global AI expansion, focusing on societal goals and industry standards for responsible AI use.

In addition to this commercial license, BlackRock is pursuing a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub that hosts companies like Blockdaemon and M2.

For now, BlackRock has not disclosed additional details regarding its plans in the UAE beyond obtaining the license to operate in the region.

Sentiment: Positive