30s Summary

BlackRock has been authorised to operate in Abu Dhabi, amid rising interest in Bitcoin and cryptocurrency in the region. The global investment company also seeks a license to operate in the Abu Dhabi Global Market, a hub for renowned crypto firms. Despite its foray into crypto, BlackRock Middle East Head Charles Hatami said they’re more interested in the private markets and artificial intelligence. Details of BlackRock’s further plans in the UAE remain undisclosed. BlackRock, which outperformed its gold ETF with its iShares Bitcoin Trust ETF recently, is capitalising on UAE’s rising status in digital finance.

Full Article

Big news for the investment world! BlackRock, a global investment company that issues a pretty cool Bitcoin exchange-traded fund (ETF), just got the green light to start doing business in Abu Dhabi. This decision couldn’t have come at a better time, considering the rising interest in cryptocurrency (especially Bitcoin) in this region.

And BlackRock wants more. They’re also trying to get a license to work in the Abu Dhabi Global Market. Known as an international finance hub, it’s home to well-known crypto companies like Blockdaemon, M2, and Laser Digital.

However, crypto doesn’t seem to be the only thing BlackRock is focusing on right now. Charles Hatami, the head honcho for the Middle East, said BlackRock is more keen on investing in private markets and artificial intelligence. This aligns nicely with the broader shift towards AI that’s happening in Abu Dhabi.

You may have heard about Microsoft investing a whopping $1.6 billion in an Abu Dhabi-based AI tech company called G42. They want to improve AI development in the region and the world. In addition, they’re planning to set up two AI centers in Abu Dhabi with one focusing on AI projects that solve major social issues and the other on creating standards for using AI responsibly.

Despite these plans, BlackRock hasn’t spilled the beans on what else they have in store for the UAE beyond getting the license to work in the region.

That said, Hatami highlighted Abu Dhabi’s rise as a global financial center. He particularly praised the foresight and commitment of the region’s government. In his words, “It’s strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”

BlackRock is also known for its iShares Bitcoin Trust ETF, which lets U.S. investors invest in Bitcoin. Notably, this Bitcoin ETF surpassed $33 billion in net assets earlier this month, outperforming its gold ETF. It’s clear that the UAE is well on its way to becoming a leader in digital finance – they were recently ranked third on a global crypto adoption chart. Exciting times ahead!