BlackRock Receives Commercial License to Operate in Abu Dhabi

BlackRock Inc. BLK has obtained a commercial license to conduct operations in Abu Dhabi, as reported by Bloomberg. This will, thus, expand its regional presence.BLK’s Rationale Behind This MoveAbu Dhabi and Riyadh have been competing with Dubai to establish themselves as the primary business hub of the Middle East. Abu Dhabi and Riyadh control more than $1 trillion in sovereign wealth each, establishing them among the largest pools of capital globally.Per Charles Hatami, head of the Middle East for BlackRock, “Abu Dhabi has rapidly transformed into a global financial center. Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”BlackRock’s CEO Larry Fink aims to capitalize on this opportunity by conducting operations in both countries. In sync with this, the company also intends to seek regulatory approval to engage in business in the Abu Dhabi Global Market, the city’s financial center. This new office will enable the company to work closely with sovereign wealth funds, wealth managers and investment vehicles based in Abu Dhabi.BLK has been increasing its efforts to grow in the Saudi Arabian kingdom. Last month, the company obtained approval from Saudi Arabia to establish regional headquarters in Riyadh. Further, the company announced it would receive up to $5 billion from the Public Investment Fund to invest in the Middle East and develop a Riyadh-based investments team.BlackRock’s Zacks Rank & Price PerformanceYear to date, shares of BlackRock have gained 29.3% compared with the industry’s 37.5% growth. Image Source: Zacks Investment ResearchCurrently, BLK sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Expansion Initiatives by Other Finance FirmsEarlier this month, AllianceBernstein L.P. AB entered into a partnership with Reinsurance Group of America, Incorporated RGA to expand its insurance business.AB has been selected as one of the leading investors in Ruby Reinsurance Company, a reinsurance sidecar vehicle sponsored by RGA. It focuses on the U.S. asset-intensive market. AB plans to manage private alternative assets for RGA’s general account through this transaction.Similarly, Apollo Global Management Inc. APO extended its multi-billion-dollar partnership with Mubadala Investment Company, which is focused on global origination opportunities. This strategic move will further bolster APO’s Capital Solutions business and augment its ability to originate investment opportunities across asset classes.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BlackRock, Inc. (BLK): Free Stock Analysis Report AllianceBernstein Holding L.P. (AB): Free Stock Analysis Report Reinsurance Group of America, Incorporated (RGA): Free Stock Analysis Report Apollo Global Management Inc. (APO): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks