BlackRock Expands Gulf Presence with New Kuwait Office

BlackRock, the world’s largest asset manager with US$12.5 trillion AUM, has announced the opening of a new office in Kuwait, marking another step in its coordinated expansion across the Gulf.

The move follows its receipt of an investment adviser license from Kuwait’s Capital Markets Authority (CMA) through BlackRock Advisors. The new Kuwait office will be headed by Ali AlQadhi, who leads BlackRock’s client business for Kuwait and Qatar. It will focus on providing financial advisory, customer services, and support for BlackRock’s Aladdin technology platform, which helps clients manage investments, risks, and reporting.

The expansion comes at a time of strong momentum in the Middle Eastern asset management sector.

Key Highlights

• BlackRock opens a new Kuwait office after securing a CMA license
• Expansion aligns with Gulf market growth in IPOs and sukuk issuance
• Kuwait office to focus on advisory, customer service, and Aladdin platform

In 2024, the region recorded 54 IPOs raising $12.6 billion and a 43 percent surge in sukuk issuance to $87.5 billion, creating fertile ground for global asset managers.

BlackRock has been steadily broadening its footprint in the Gulf, having already established operations in Abu Dhabi, Riyadh, and Doha. The Kuwait office signals both regulatory readiness and Kuwait’s drive to attract foreign direct investment (FDI), particularly in technology and renewable energy, as it seeks to diversify away from oil dependence.

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This expansion echoes CEO Larry Fink’s 2019 statement on BlackRock’s long-term commitment to the Middle East, demonstrating sustained confidence in the region’s growth potential.