BlackRock Boosts Mideast Presence, Relocates Strategist to #Dubai - Bloomberg

BlackRock Boosts Mideast Presence, Relocates Strategist to Dubai - Bloomberg

BlackRock Inc. is expanding its research division to the Middle East and relocating a senior strategist to Dubai as it seeks closer ties with clients in the region.

The asset management giant named Ben Powell as the chief strategist for Middle East and Asia Pacific of its so-called BlackRock Investment Institute, the unit that publishes research for its portfolio managers and clients about the global economy, geopolitics and financial markets.

Powell, a 23-year capital markets veteran, moves to Dubai from Singapore. He will focus on “building proprietary Middle East macroeconomic, markets and multi-asset class insights,” according to a statement. He’ll continue to oversee the unit’s activities in the APAC region.

“The Middle East presents a dynamic and exciting investment landscape, with a growing young population, evolving financial markets and innovative funds,” Powell said.

BlackRock, which oversees more than $100 billion in the Middle East and Africa, has been boosting its presence in the Gulf region. It’s agreed to set up a Riyadh-based investments team after getting as much as $5 billion from Saudi Arabia’s sovereign wealth fund. Last month, it also appointed a former Goldman Sachs Group Inc. executive to head its United Arab Emirates branch.