BlackRock Gets License to Operate in Crypto-Friendly Abu Dhabi

BlackRock Secures Commercial License in Abu Dhabi Global Market

Global investment giant BlackRock has officially received a commercial license to operate in Abu Dhabi, signaling its intention to tap into the UAE's growing financial and tech sectors. The approval, granted on November 18, allows BlackRock to set up operations in the Abu Dhabi Global Market (ADGM), an international financial hub.

Strategic Focus on AI and Private Markets

While Abu Dhabi is a well-known hub for digital assets, BlackRock Middle East head, Charles Hatami, emphasized that the firm’s focus will primarily be on private markets and artificial intelligence (AI) infrastructure. This aligns with the region's growing investments in AI, exemplified by Microsoft's $1.6 billion investment in G42, an Abu Dhabi-based AI tech firm. Microsoft also plans to build two AI centers in the city.

BlackRock’s Crypto Presence

Though BlackRock manages the iShares Bitcoin Trust ETF, which provides U.S. investors exposure to Bitcoin, the firm has not yet detailed specific crypto-related plans for its UAE operations. The firm’s success in digital finance is evident, with its Bitcoin-focused ETF surpassing $33 billion in net assets as of November 8.

Abu Dhabi's Role as a Crypto Hub

Abu Dhabi continues to attract crypto businesses, thanks to its regulatory framework and commitment to becoming a global financial center. The Abu Dhabi Global Market (ADGM) hosts several crypto companies, and BlackRock’s new presence further enhances the region’s status.

BlackRock’s Record Financial Performance

BlackRock recently reported record assets under management (AUM) of $10.6 trillion, with a significant rise in both revenue and profits, highlighting its strong financial position. The firm is on track to achieve long-term growth goals, indicating its sustained expansion strategy.