KUWAIT CITY, Sept 9: The Kuwait Direct Investment Promotion Authority (KDIPA) on Monday announced that BlackRock has obtained regulatory approvals and commercial licenses to operate in Kuwait, reflecting confidence in the country’s economic development.

KDIPA Director General Sheikh Dr. Meshaal Al-Jaber Al-Ahmad Al-Sabah told KUNA that Kuwait is committed to attracting value-added direct investments, with a strong focus on developing national competencies, strengthening long-term partnerships, and ensuring sustainable growth based on knowledge.

BlackRock CEO and Chairman Larry Fink said the company values its decades-long partnership with Kuwait and looks forward to reinforcing it through a direct presence in the country, contributing to the financial system, and supporting the development of national competencies.

The initiative aims to achieve several strategic objectives, including enhancing mutual trust between the company and its clients and supporting Kuwait’s “New Kuwait 2035” vision, in line with BlackRock’s broader goal of contributing to the development of capital markets in the Middle East.

BlackRock will start operations in Kuwait with an office that includes a customer service team, a financial advisory team, and an Aladdin system team, enabling the provision of advanced investment solutions and services. Ali Al-Qadi has been appointed head of the Kuwait office while continuing his role as head of client team management for both Kuwait and Qatar.

The Capital Markets Authority of Kuwait officially granted a license to BlackRock Advisors – United Kingdom Limited to operate as an investment advisor in Kuwait. The authority described this as a step that underscores Kuwait’s growing position on the global financial map, noting that BlackRock is one of the world’s largest asset managers.

The CMA said the move marks a milestone in developing Kuwait’s financial market and confirms the country’s ability to attract major international institutions, aligning with national efforts to consolidate Kuwait’s vision as a leading global financial and commercial center.