BlackRock Inc., the world’s largest asset manager, is reportedly considering establishing an office in Kuwait, signaling its intent to deepen ties within the oil-rich Gulf region. Discussions with Kuwaiti regulators are underway, with a final decision anticipated soon, according to individuals familiar with the matter who requested anonymity due to the confidential nature of the talks.
This potential move aligns with BlackRock’s broader strategy to expand its footprint across the Middle East. In December 2024, BlackRock’s Chairman and CEO, Laurence D. Fink, met with Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General of the Kuwait Direct Investment Promotion Authority , in Kuwait City. The meeting underscored BlackRock’s interest in exploring investment opportunities within Kuwait’s evolving economic landscape.
Earlier in 2024, Fink also engaged with Ghanem Al-Ghunaiman, Managing Director of the Kuwait Investment Authority , the country’s sovereign wealth fund. These discussions aimed to identify potential avenues for collaboration, leveraging KIA’s position as the world’s sixth-largest sovereign fund and BlackRock’s extensive asset management expertise.
BlackRock’s expansion efforts are not confined to Kuwait. In October 2024, the firm received approval from Saudi Arabian authorities to establish a regional headquarters in Riyadh, enhancing its capacity to serve clients across the Middle East. Shortly thereafter, in November 2024, BlackRock secured a commercial license to operate in Abu Dhabi, further solidifying its presence in the Gulf Cooperation Council region.
The Middle East’s financial markets have become increasingly attractive to global asset managers, driven by economic diversification initiatives and substantial sovereign wealth. BlackRock’s strategic moves reflect a commitment to participating in the region’s growth and aligning with its long-term economic objectives.
