US asset manager BlackRock has obtained the regulatory approvals and commercial licences to establish its presence in Kuwait.  

The approvals were issued by the Kuwait Direct Investment Promotion Authority (KDIPA).  

The Director General of KDIPA, Sheikh Dr Meshaal Al-Jaber Al-Ahmad Al-Sabah, told news agency KUNA that Kuwait’s commitment lies in “attracting value-added direct investments” and in the cultivation of “national competencies”. 

Media reports suggested that the establishment of BlackRock’s office in Kuwait is in line with supporting the “New Kuwait 2035” vision.  

Ali Al-Qadi has been appointed to lead the Kuwait office and will continue his role in managing client teams in both Kuwait and Qatar.  

The office will provide a range of services, including investment advisory, customer service, and financial advisory, all supported by the Aladdin system, which delivers investment solutions to clients. 

BlackRock Chairman and CEO Larry Fink said: “We look forward to strengthening this partnership through a physical presence in Kuwait, contributing to the development of the financial system and national competencies.”  

Earlier this month, BlackRock agreed to manage approximately $80bn in assets for Citi Wealth clients.  

This has led to the introduction of ‘Citi Portfolio Solutions powered by BlackRock’, a collaboration that combines Citi Wealth’s advisory services with BlackRock’s investment capabilities. 

As part of this alliance, BlackRock will oversee a range of investment strategies, which may include equities, fixed income, multi-asset class strategies, and possibly private markets in the future.  

Citi’s investment professionals will utilise BlackRock’s Aladdin Wealth technology platform to enhance risk and portfolio management, as well as to gain deeper data insights.