BlackRock Inc., the world’s largest asset manager with $11.4 trillion in assets under management, has obtained a commercial license to operate in Abu Dhabi. This strategic move aims to strengthen its presence in the region, especially among local asset funds. The company is also in the process of seeking regulatory approval to conduct operations within the Abu Dhabi Global Market (ADGM), an international financial hub that has become home to numerous financial and cryptocurrency companies.
BlackRock’s expansion strategy focuses on strengthening its engagement with Abu Dhabi’s sovereign wealth funds, asset managers and various investment channels. Areas of focus include artificial intelligence (AI) infrastructure and sustainable investment opportunities.
Abu Dhabi’s role as a financial center
The decision to establish a presence in Abu Dhabi is in line with the emirate’s ambitions to establish itself as a prominent financial centre, competing with other regional players such as Dubai and Riyadh. Abu Dhabi has taken proactive steps to attract international capital markets through significant investments in digital finance and AI technologies. Charles Hatami, head of BlackRock’s Middle East operations, praised Abu Dhabi’s transformation into a global financial hub, which he attributed to favorable government policies and sustainable growth initiatives. He emphasized that the city’s strategic location is an important factor in increasing its attractiveness to capital markets.
The growing interest in AI is evident through major investments, including Microsoft’s $1.6 billion funding for G42, a technology holding company specializing in AI. BlackRock did not specify which digital assets would be part of the Abu Dhabi initiative, but the company’s global interest in emerging technologies, including AI, positions it well in regions that are more open to cryptocurrency-related activity.
BlackRock’s Influence Increases in Cryptocurrency
BlackRock has been at the forefront of driving cryptocurrency adoption beyond its Middle East expansion. Recently, iShares Bitcoin Trust (IBIT) surpassed iShares Gold ETF (IAU) in net assets, with a value of $33.17 billion as of November 7, just one year after its inception. Additionally, spot Bitcoin ETFs experienced a record $1.1 billion inflows in a single day, matching Bitcoin’s latest all-time high of $76,943. Bitcoin subsequently rose to a new high of $93,000. Inflows accounted for 82% of the $1.34 billion total seen across U.S.-listed spot Bitcoin ETFs on the day, signaling BlackRock’s deepening influence on the cryptocurrency market.
Expanding Middle East Strategy
BlackRock’s expansion into Abu Dhabi is part of a broader Middle East strategy that includes expanding its presence in Saudi Arabia. Last month, the asset manager unveiled plans to set up a regional headquarters in Riyadh with up to $5 billion in investment from the Saudi Public Investment Fund (PIF). The focus of these investments is to develop major projects across the region. BlackRock previously collaborated with Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan on a variety of initiatives, including energy infrastructure and data warehouses.
To further strengthen its regional leadership, BlackRock appointed Mohammad Alfahim as head of its UAE operations, while Ben Powell took on the role of chief Middle East and Asia Pacific investment strategist.
🌍 @Blackrock Obtained a commercial license to operate in Abu Dhabi, with the aim of strengthening relationships with local asset funds and exploring AI and sustainable investments.#blackrock #Abu Dhabihttps://t.co/13VlHmIjAQ
— Cryptonews.com (@cryptonews) November 18, 2024
Expansion of BlackRock’s Tokenized Liquidity Fund
In a notable development, BlackRock is expanding the scope of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). Previously restricted to the Ethereum blockchain, these funds are now accessible on five additional blockchains: Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon. This expansion facilitates deeper integration with the decentralized finance (DeFi) ecosystem, providing institutional investors and protocol treasuries with stable yields and improved opportunities for collateral use in DeFi transactions. Tokenized by Securitize and backed by U.S. Treasury bonds, the fund currently leads the $2.3 billion tokenized Treasury market and has deposits in excess of $520 million.
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