Key Takeaways
- • Blackstone, the world's largest alternative asset manager, has opened a new office in the Dubai International Financial Centre (DIFC) to serve as a regional hub for its Private Wealth business across the Gulf.
- • The Dubai office is Blackstone's second UAE location, alongside its Abu Dhabi office, where the firm has been present since 2010.
- • Blackstone's private wealth business has established more than 40 distributor relationships across the region, according to the firm.
- • The Abu Dhabi office licence has been upgraded to support deal origination, following record capital commitments over the past 12 months.
- • Blackstone also announced earlier this year plans for an office in Kuwait and expects to further expand its regional presence over the coming year.
Summary
Blackstone has opened a new office in the Dubai International Financial Centre to expand its private wealth business across the Gulf Cooperation Council region, according to Khaleej Times. The move strengthens the firm's presence in the UAE as the region becomes increasingly important to global investment firms. The Dubai office will act as a regional hub for Blackstone's Private Wealth business and builds on the firm's existing partnerships with banks and financial institutions across the GCC.
The Dubai office is 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, and the new office is expected to support further growth. 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.
Jon Gray, President and Chief Operating Officer of Blackstone, said the UAE has built an extraordinary position as a global finance and investment hub and is becoming an increasingly important center for wealth management. Gray added that the new office would allow Blackstone to strengthen existing partnerships and broaden access to alternative investments for investors across the GCC.
Arif Amiri, Chief Executive Officer of DIFC Authority, said Blackstone's decision reflected Dubai's role as the gateway for global investment firms seeking to capture opportunities across the region. He added that DIFC's concentration of wealth and asset management firms is helping attract international businesses seeking to strengthen investor relationships across the Gulf.
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. The expansion reflects Blackstone's continued effort 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.
The Dubai office is 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, and the new office is expected to support further growth. 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.
Jon Gray, President and Chief Operating Officer of Blackstone, said the UAE has built an extraordinary position as a global finance and investment hub and is becoming an increasingly important center for wealth management. Gray added that the new office would allow Blackstone to strengthen existing partnerships and broaden access to alternative investments for investors across the GCC.
Arif Amiri, Chief Executive Officer of DIFC Authority, said Blackstone's decision reflected Dubai's role as the gateway for global investment firms seeking to capture opportunities across the region. He added that DIFC's concentration of wealth and asset management firms is helping attract international businesses seeking to strengthen investor relationships across the Gulf.
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. The expansion reflects Blackstone's continued effort 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.
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