BlackRock receives a commercial license to operate in Abu Dhabi, strengthening its crypto presence and supporting UAE’s digital finance growth.
BlackRock, the global investment firm, has received a commercial license to operate in Abu Dhabi. According to Bloomberg, this approval, granted on November 18, marks a significant step in BlackRock’s expansion into the UAE. The firm has shown a growing interest in the region’s crypto-friendly market.
BlackRock is interested in Abu Dhabi because of its progressive approach to digital assets and other innovative technologies. It also applies for a license to operate in the Abu Dhabi Global Market (ADGM), a financial centre for crypto firms.
This step continues the UAE’s ambitious plan to become a digital finance and technology world hub. The UAE government has adopted several policies to enhance capital markets and make them appropriate for financial institutions. These efforts include BlackRock joining the market. The region’s focus on sustainable development and innovation has already drawn large companies, including Microsoft, the tech giant heavily investing in artificial intelligence in the UAE.
BlackRock Abu Dhabi Move Highlights Growing Crypto Interest in UAE
Another factor is BlackRock, the world’s largest asset manager, which has succeeded in its iShares Bitcoin Trust ETF. It has grown popular and reached over $33 billion in net assets earlier this month. This milestone can be seen as the company’s expansion of the sphere of its activities related to cryptocurrencies. Even the iShares Bitcoin Trust ETF has surpassed BlackRock’s gold trust, meaning that more and more institutional investors are using Bitcoin as an asset. The firm wants digital assets as part of its overall investment platform; Abu Dhabi is well suited for this purpose.
The UAE is still climbing the global crypto charts. Now, it occupies third place in the global crypto adoption index developed by Henley & Partners. This is a pointer to the growing awareness of the UAE as a preferred country for digital finance. BlackRock’s action escalates the country’s image in the cryptocurrency market even more.
In February this year, BlackRock hired Mohammad AlFahim to head operations in the UAE. Ben Powell joined the region as BlackRock’s first Chief Middle East and APAC Investment Strategist. The Head of the Middle East at BlackRock, Charles Hatami, said the company’s ADGM establishment will enhance its clients’ experience. This includes sectors like infrastructure, renewable energy, and technology, which are central to BlackRock’s strategy.
