Global investment giant BlackRock has obtained a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates. This move underscores the firm’s commitment to expanding its presence in the region, which is becoming a hub for cutting-edge financial and technological advancements.
Crypto-Friendly Investment Fund Lays Roots in a Digital Asset Hub
While the UAE is widely regarded as a hub for digital assets, BlackRock’s latest announcement focuses on other priorities. Charles Hatami, BlackRock’s Middle East head, emphasized the company’s interest in private markets and artificial intelligence (AI) infrastructure rather than cryptocurrencies. Hatami highlighted Abu Dhabi’s strategic advantages, describing it as a “global financial center” with forward-thinking government policies and sustainable growth initiatives.
The firm is also pursuing a license to operate within the Abu Dhabi Global Market (ADGM), an international financial zone hosting prominent crypto and blockchain firms such as Blockdaemon, M2, and Laser Digital.
AI Development Gains Momentum in Abu Dhabi
BlackRock’s focus on AI aligns with Abu Dhabi’s broader investments in advanced technology. Earlier this year, Microsoft revealed a $1.6 billion investment in G42, an AI-focused tech conglomerate based in the region. Additionally, Microsoft announced plans to establish two AI centers in Abu Dhabi to support societal initiatives and create global standards for ethical AI use.
This collaborative environment makes Abu Dhabi a prime location for companies like BlackRock aiming to drive AI innovation and infrastructure development on a global scale.
Digital Finance Leadership in the UAE
Though BlackRock’s immediate plans for digital assets in the UAE remain unclear, the country continues to lead in the crypto finance landscape. In August, the UAE ranked third globally in a crypto adoption index published by Henley & Partners, underscoring its strong positioning in the digital economy.
Meanwhile, BlackRock’s iShares Bitcoin Trust ETF, which provides U.S. investors exposure to Bitcoin, recently surpassed $33 billion in net assets, outperforming the firm’s gold-focused ETF. This milestone demonstrates growing demand for digital asset investment options, even as the firm looks to broaden its focus in the UAE.
By integrating advanced technologies like AI into its operations, BlackRock is positioning itself to play a significant role in Abu Dhabi’s financial ecosystem, bridging traditional finance and innovative technology.
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