BlackRock Acquires License to Operate in UAE Capital
18 Nov, 2024 ● Crypto News
BlackRock, the global investment firm and issuer of a spot Bitcoin exchange-traded fund (ETF), has obtained a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.
Bloomberg reported that the Nov. 18 approval highlights BlackRock’s interest in expanding into the crypto-friendly region.
The firm is also pursuing a license to operate within the Abu Dhabi Global Market (ADGM), a key international financial hub that hosts several crypto companies, including Blockdaemon, M2, and Laser Digital.
Although the UAE is known as a prominent crypto hub, the report did not specifically address digital assets.
In a statement to Bloomberg, BlackRock’s Middle East head, Charles Hatami, said that the firm’s focus will be on private markets and artificial intelligence infrastructure.
This move is consistent with Abu Dhabi’s broader investments in AI.
On April 16, Microsoft announced a $1.6 billion investment in G42, an AI tech holding company based in Abu Dhabi, with the aim of advancing AI both regionally and globally.
Additionally, on Sept. 17, Microsoft revealed plans to open two AI centers in Abu Dhabi as part of its international AI expansion.
One center will work on AI projects addressing “key societal goals,” while the other will establish industry standards for the responsible use of AI.
BlackRock has not shared further specifics about its strategy in the UAE beyond obtaining the operational license.
Hatami described Abu Dhabi as a “global financial center,” lauding the region’s strategic location, forward-thinking government policies, and focus on sustainable growth. He stated:
“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”
BlackRock manages the iShares Bitcoin Trust ETF, which offers U.S.-based investors exposure to Bitcoin.
On Nov. 8, the spot Bitcoin ETF surpassed $33 billion in net assets, overtaking its iShares Gold Trust ETF, which provides exposure to gold.
The UAE continues to strengthen its position as a digital finance leader.
On Aug. 30, it was ranked third in a crypto adoption index released by Henley & Partners, a consultancy firm specializing in investment migration.
Sources:
https://cointelegraph.com/news/blackrock-abu-dhabi-ai-expansion
