BlackRock secures license to operate in Abu Dhabi

BlackRock has obtained a commercial license to operate in Abu Dhabi, signaling its commitment to expanding within the UAE’s favorable financial environment.

The approval, granted on November 18, reflects BlackRock's strategic move to enhance its presence in the region known for its crypto-friendly policies.

The multinational investment firm, known for its iShares Bitcoin Trust ETF, plans to focus on private markets and artificial intelligence (AI) infrastructure.

BlackRock’s Middle East head, Charles Hatami, commented on the development, emphasising Abu Dhabi’s status as a “global financial center” and lauding the government's proactive and supportive approach.

“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets,” Hatami said, according to Bloomberg.

The company is also seeking a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub that hosts numerous crypto-related companies, including Blockdaemon, M2, and Laser Digital.

This move aligns with broader AI-focused investments in Abu Dhabi.

Earlier this year, Microsoft announced a $1.6 billion investment in G42, an AI tech holding firm based in the city.

Microsoft also revealed plans to set up two AI centers in Abu Dhabi, one focusing on AI projects for societal goals and another aimed at developing industry standards for responsible AI practices.

While BlackRock’s new license does not specifically mention digital assets, it underscores the UAE’s growth as a hub for digital finance.

In August, the country was ranked third in a crypto adoption index by Henley & Partners, showcasing its leadership in digital and financial innovation.