Blackstone, the world’s largest alternative asset manager, has opened a new office in the Dubai International Financial Centre to expand its private wealth business across the Gulf, strengthening its presence in the UAE as the region becomes increasingly important to global investment firms.
The Dubai office will serve as a regional hub for Blackstone’s Private Wealth business, building on its existing partnerships with banks and financial institutions across the GCC.
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The expansion marks Blackstone’s second location in the UAE, alongside its longstanding Abu Dhabi office, where the firm has maintained a presence since 2010.
Blackstone said its private wealth business has established more than 40 distributor relationships across the region, with the new Dubai office expected to support further growth.
Expanding regional operations
Jon Gray, President and Chief Operating Officer of Blackstone, said the UAE’s growing role as a financial and wealth management centre was driving the firm’s continued investment in the country.
“The UAE has built an extraordinary position as a global finance and investment hub and is becoming an increasingly important center for wealth management,” he said.
Gray added that the new office would allow Blackstone to strengthen existing partnerships and broaden access to alternative investments for investors across the GCC.
The firm has also upgraded its Abu Dhabi office licence to support deal origination in the region, following record capital commitments over the past 12 months.
Earlier this year, Blackstone announced plans to establish an office in Kuwait and said it expects to further expand its regional presence over the coming year.
Dubai attracts global investment firms
Arif Amiri, Chief Executive Officer of DIFC Authority, said Blackstone’s decision to establish its regional Private Wealth office in Dubai reflected the emirate’s appeal to international investment managers.
“The opening of Blackstone’s regional Private Wealth office in DIFC reflects Dubai’s role as the gateway for global investment firms seeking to capture opportunities across the region,” he said.
He added that DIFC’s concentration of wealth and asset management firms was helping attract international businesses seeking to strengthen relationships with investors across the Gulf.
The expansion comes as Blackstone continues to build its presence in regional private markets, with Dubai serving as a base for developing relationships with wealth managers, banks and investors across the GCC.
Source: Khaleej Times