Blackstone opens Dubai office in push for Gulf wealth

Alternative asset manager Blackstone has opened an office in Dubai, its second in the United Arab Emirates, as it seeks to tap wealthy investors in the Gulf. The firm, which manages nearly $1.4tn (£1.05tn) in assets, set up the office in the Dubai International Financial Centre (DIFC), complementing its existing Abu Dhabi office. The Dubai office will serve as a regional hub for Blackstone's private wealth business, the firm said.

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 centre for wealth management. He noted that Blackstone has been present in the country since 2010 and that the new office would allow the firm to deepen partnerships and broaden access to alternatives for investors across the Gulf Cooperation Council (GCC). Blackstone's private wealth business has set up more than 40 distributor relationships across the region.

The move forms part of Blackstone's continued GCC expansion. The firm has upgraded its Abu Dhabi office licence to support deal origination in the region, and earlier this year announced plans to open an office in Kuwait. It expects to grow its presence across the GCC over the coming year.

Arif Amiri, chief executive of the DIFC Authority, said the DIFC is home to the region's largest concentration of wealth and asset management firms and is the preferred base for firms seeking to deepen relationships with investors across the GCC. He added that private capital plays an increasingly important role in supporting economic growth, investment and long-term value creation in the region.