DUBAI (Reuters) -BlackRock will open an office in Kuwait and has appointed Ali AlQadhi to lead operations in the country, Kuwaiti state news agency KUNA reported on Monday, as the world’s largest asset manager pursues a Gulf expansion.
AlQadhi already heads BlackRock’s client business for Kuwait and Qatar, a role he will continue, the agency reported.
Kuwait’s Capital Markets Authority said last week in a statement it had granted an investment adviser licence to BlackRock Advisors (UK) Ltd, a unit of the U.S. asset manager.
Its Kuwait office will include teams in customer service, financial advisory and its Aladdin technology platform, according to the report.
BlackRock, which oversees $12.5 trillion in assets, has markedly expanded its footprint across the Gulf, in Abu Dhabi, Riyadh and Doha, cementing partnerships that span fund management, infrastructure, and advisory.
(Reporting by Federico Maccioni; Editing by Jan Harvey)
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