Blackstone opens DIFC office to boost wealth management business in the Gulf

Résumé détaillé

Blackstone, the world’s largest alternative investment manager, has expanded its footprint in the UAE with the launch of a wealth management office in Dubai International…

Blackstone, the world’s largest alternative investment manager, has expanded its footprint in the UAE with the launch of a wealth management office in Dubai International Financial Centre.

The new outpost in Dubai’s onshore financial centre will serve as the regional hub for the nearly $1.4-trillion investor, which looks to court the wealthy, as well as institutions and family offices, to boost growth of its wealth management business in the Gulf and beyond, it said on Thursday.

“The UAE has built an extraordinary position as a global finance and investment hub and is becoming an increasingly important centre for wealth management,” said Jon Gray, Blackstone's president and chief operating officer.

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The company has been present in the UAE since 2010 and Mr Gray said the new Dubai office builds on that long-standing commitment, allowing the company to “deepen our partnerships and broaden access to alternatives” for investors.

The DIFC office adds to the Blackstone’s presence in the Abu Dhabi’s financial centre ADGM and expands its reach across the oil-rich Gulf region as well as the broader Middle East.

Blackstone’s private wealth business aims to build on its partnerships with leading banking institutions in the region and has already established more than 40 distributor relationships across the region.

Blackstone is the latest among global investors and money managers to set up a base in the UAE or expand presence in the Arab world’s second-largest economy as they look to capitalise on rapidly growing wealth management market in the region.

Both DIFC and ADGM have attracted a steady stream of global financial institutions, and trillion-dollar dollar asset managers over past few quarters despite the geopolitical headwinds.

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