We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BlackRock Receives Commercial License to Operate in Abu Dhabi
Read MoreHide Full Article
BlackRock Inc. (BLK - Free Report) 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 Move
Abu 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 Performance
Year to date, shares of BlackRock have gained 29.3% compared with the industry’s 37.5% growth.
Earlier this month, AllianceBernstein L.P. (AB - Free Report) entered into a partnership with Reinsurance Group of America, Incorporated (RGA - Free Report) 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 - Free Report) 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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
BlackRock Receives Commercial License to Operate in Abu Dhabi
BlackRock Inc. (BLK - Free Report) 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 Move
Abu 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 Performance
Year to date, shares of BlackRock have gained 29.3% compared with the industry’s 37.5% growth.
Image Source: Zacks Investment Research
Currently, 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 Firms
Earlier this month, AllianceBernstein L.P. (AB - Free Report) entered into a partnership with Reinsurance Group of America, Incorporated (RGA - Free Report) 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 - Free Report) 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.