BlackRock will open an office in Kuwait and has appointed Ali AlQadhi to lead operations in the country, Kuwaiti state news agency KUNA reported , 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.
