BlackRock has obtained a license in Abu Dhabi, targeting AI, private markets, and growth within the UAE’s crypto-friendly ecosystem.
The United Arab Emirates’ capital, Abu Dhabi, has granted a commercial license to BlackRock, a global financial corporation and issuer of spot Bitcoin exchange-traded funds (ETFs).
The Nov. 18 permission, according to Bloomberg, shows BlackRock’s desire to grow into the crypto-friendly area.
A license to operate in the Abu Dhabi Global Market (ADGM), an international financial center in Abu Dhabi that is home to cryptocurrency firms like Blockdaemon, M2, and Laser Digital, is another thing the company is pursuing.
Even though the UAE is a well-known center for cryptocurrency, BlackRock made no reference to digital assets in the report.
Charles Hatami, the chairman of BlackRock’s Middle East division, told Bloomberg that the company will prioritize artificial intelligence infrastructure and private markets.
The action fits in with Abu Dhabi’s larger AI investments. Microsoft revealed on April 16 that it has invested $1.6 billion in G42, an AI tech holding firm based in Abu Dhabi.
The investment, according to the technology company, is to further AI development both locally and internationally.
As part of its global AI expansion, Microsoft also revealed on September 17 that it would be opening two AI centers in Abu Dhabi.
While the other center would create industry guidelines for responsible AI use, the first center would fund AI initiatives that address “key societal goals.”
Beyond securing a license to conduct business in the UAE, BlackRock has not yet disclosed any other information about its intentions for the country.
Abu Dhabi has developed into a “global financial center,” according to Hatami.
He also commended the authorities of the area for their initiative and dedication. The executive said:
“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”
The iShares Bitcoin Trust ETF, issued by BlackRock, exposes investors in the US to Bitcoin.
The spot Bitcoin ETF outperformed its iShares Gold Trust ETF, which exposes investors to gold, on November 8th, surpassing $33 billion in net assets.
The United Arab Emirates is still a leader in digital finance.
According to a crypto adoption index published on August 30 by investment migration consulting firm Henley & Partners, the nation came in third place.
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