BlackRock, the world's biggest asset manager, has received a commercial licence to operate in Abu Dhabi, as the UAE capital emerges as a global hotspot for finance.
New York-based BlackRock, which has nearly $11.5 trillion in assets under management, also plans to obtain regulatory authorisation to operate at Abu Dhabi Global Market, the emirate's international financial centre, it said on Monday.
BlackRock will tap into Abu Dhabi's “strategic location, proactive government policies and commitment to sustainable growth” to serve its clients in the UAE and wider region, as well as globally, Charles Hatami, global head of BlackRock's financial and strategic investors group, said.
“Abu Dhabi has rapidly transformed into a global financial centre … [its dynamics] make it an ideal location for capital markets,” Mr Hatami said.
“We look forward to continuing our contribution to the region's economic development and supporting our clients with innovative investment opportunities, particularly in private markets, including artificial intelligence infrastructure and transition focused solutions.”
Operating within ADGM will help BlackRock to “better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy and technology”, Mr Hatami added.
BlackRock's commencement of its operations in Abu Dhabi comes as the emirate continues to lure global investors to set up their operations as it boosts its financial sector to support economic diversification plans.
In September, Stonepeak, a US-based alternative investment company with $71.2 billion of assets under management, received regulatory approval to set up a base in the ADGM to arrange and advise on investment opportunities in the UAE, the Arab world's second-largest economy.
Also in September, ADGM welcomed its first trillion-dollar asset managers: PGIM, the global asset management business of the New York Stock Exchange-listed Prudential Financial, and Chicago investment firm Nuveen, with both aiming to expand their operations and client bases in the Middle East.
BlackRock is the world's top asset manager, with its AUMs nearly a third bigger than second-placed Vanguard's $8.7 trillion, data from the Sovereign Wealth Fund Institute shows.
The world's top 10 biggest asset managers, nine of which are based in North America, have combined AUMs of more than $37.1 trillion, according to the US-based SWFI.
Its latest move into Abu Dhabi comes after BlackRock revealed plans to establish its regional headquarters in Saudi Arabia – signs that the company is looking to strengthen its operations in the Gulf region and wider Middle East.
Earlier this year, BlackRock appointed Mohammad AlFahim as its head for the UAE, while in August, Ben Powell was reassigned to the region as the BlackRock Investment Institute’s first chief Middle East and Asia-Pacific investment strategist.
Meanwhile, ADGM, established in 2015, is one of the world's fastest-growing financial districts. By the end of June, the number of fund and asset managers operating in ADGM reached 112, managing 141 funds. Some of the major names within the asset management sector that have been granted a financial service providers licence include AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services and Morgan Stanley.
In the first half of this year, the centre registered 231 financial services companies – up 31 per cent from the same period last year – with the total number of companies setting up base in ADGM reaching 2,088 by the end of June.
ADGM also issued 1,271 new licences in the first half of the year, up 20.5 per cent on an annual basis, while the number of financial service providers granted a licence during the period rose 90 per cent to 42, ADGM said last month.
It has also announced new measures to attract more companies to the financial centre. In July, it said it plans to cut commercial registration licence fees for certain categories while raising them for others, as part of its transitional strategy after the financial district expanded to include Reem Island.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
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