- The firm would prioritize private markets and AI infrastructure as per BlackRock’s head of the Middle East.
- This is in line with Abu Dhabi’s larger efforts in artificial intelligence.
A business license to do business in Abu Dhabi, the capital of the UAE, has been granted to BlackRock, a global financial corporation that also issues spot Bitcoin exchange-traded funds (ETFs). The clearance, which was issued on November 18th, demonstrates BlackRock’s desire in expanding into the crypto-friendly region, according to Bloomberg.
Crypto firms such as Blockdaemon, M2, and Laser Digital call Abu Dhabi’s Abu Dhabi Global Market (ADGM) home. And the company is looking to get a license to operate there as well. No mention of digital assets or crypto was made by BlackRock in the report. Even though the UAE is a well-known crypto hotspot.
Eyeing AI Expansion
According to a statement sent to Bloomberg by Charles Hatami, BlackRock’s head of the Middle East, the firm would prioritize private markets and AI infrastructure.
This is in line with Abu Dhabi’s larger efforts in artificial intelligence. Microsoft revealed its $1.6 billion investment in G42, an artificial intelligence tech holding firm located in Abu Dhabi, on April 16. Global and regional advancements in artificial intelligence are the stated goals of the initiative, according to the tech giant.
As part of its AI development globally, Microsoft also announced on September 17 that it would be opening two centers in Abu Dhabi. The first hub would fund AI initiatives that address “key societal goals,” while the second would work to establish norms for ethical AI use in the business world.
Beyond securing an operating license, BlackRock has been mum about its intentions for the UAE. “Abu Dhabi has become a global financial center,” Hatami remarked. He went on to commend the region’s administration for their aggressive and dedicated approach.
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