KUWAIT: His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah received the visiting Chairman and Chief Executive Officer of BlackRock, Larry Fink, at Bayan Palace on Monday. The meeting is part of BlackRock’s ongoing efforts to strengthen its relationship with Kuwait as the asset manager reportedly explores the possibility of opening an office in the country.
BlackRock, an American multinational investment company, is the world’s largest asset manager, with $11.5 trillion in assets under management as of 2024. Founded in 1988 and headquartered in New York City, the company operates 70 offices in 30 countries and serves clients in 100 countries. BlackRock has been expanding its presence in the Middle East, a region home to some of the world’s largest sovereign wealth funds.
Sources familiar with the matter have told Bloomberg that BlackRock is in discussions with regulators in Kuwait and could make a decision regarding its expansion in the country in the coming weeks. The firm’s relationship with Kuwait is notable, with the Kuwait Investment Authority, which manages the country’s sovereign wealth fund, among its top shareholders.
While cities like Dubai and Riyadh have become major financial hubs in the region, Kuwait has not yet seen expansion from international financial firms. BlackRock’s potential move to Kuwait, however, could mark a significant development in the country’s financial landscape.
In addition to its potential expansion in Kuwait, BlackRock has made progress in other parts of the Middle East. Last year, the firm received approval to set up a regional headquarters in Riyadh, Saudi Arabia, and obtained a commercial license to operate in Abu Dhabi. These steps are part of BlackRock’s strategy to increase its presence in the region and tap into its growing investment opportunities.