BlackRock Said to Explore Office in Kuwait, Deepening Gulf Ties - Bloomberg
BlackRock Inc. is exploring plans to open an office in Kuwait, according to people familiar with the matter, marking the asset manager’s latest effort aimed at deepening ties to the oil-rich region.
The firm is in discussions with regulators and could make a final decision as soon as this month, the people said, declining to be identified as the information is confidential.
A representative for BlackRock declined to comment.
Its chief executive officer, Larry Fink, was in Kuwait on Monday and met with the ruling emir, Sheikh Mishaal Al-Ahmed Al-Sabah, as well as the crown prince, state-run KUNA news agency reported earlier.
BlackRock has close links to Kuwait, and Fink typically visits the country annually. The firm counts the $1 trillion Kuwait Investment Authority as one of its top shareholders, according to a recent proxy statement.
It’s been making steady inroads into the wider Middle East, which is home to some of the world’s largest sovereign wealth funds. The firm received approval from Saudi Arabia last year to set up its regional headquarters in Riyadh, as well as a commercial license to operate in Abu Dhabi.
While firms have flocked to Abu Dhabi, Dubai and Riyadh — which are competing to be the Middle East’s main business hub — few have so far unveiled plans to expand into Kuwait.
BlackRock oversees more than $11 trillion around the globe and has $100 billion-plus across the Middle East.
Monday, 3 February 2025
Most Gulf markets in red on trade war fears from Trump tariffs | Reuters
Most Gulf markets in red on trade war fears from Trump tariffs | Reuters
Gulf stock markets fell in line with global shares on Monday, as U.S. President Donald Trump's tariffs on Canada, Mexico and China sparked fears of an escalating trade war and its potential impact on global economic growth.
President Trump said on Sunday the sweeping tariffs that he has imposed may cause "short-term" pain for Americans, as global markets reflected concerns the levies could undermine growth and reignite inflation.
Critics say the Republican president's plan to impose 25% tariffs on Canada and Mexico and 10% tariffs on China will slow global growth and drive prices higher for Americans.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.3%, hit by a 2.2% fall in ACWA Power Company (2082.SE), opens new tab and a 2.5% decrease in Saudi Awwal Bank (1060.SE), opens new tab, despite reporting a rise in annual profit.
On the other hand, Basma Adeem Medical (9626.SE), opens new tab - which is into dentistry and dermatology services - surged 30% in its market debut on Saudi Exchange's parallel market, Nomu.
During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.
The Qatari index (.QSI), opens new tab finished 0.6% lower, weighed down by a 3.7% slide in petrochemical maker Industries Qatar (IQCD.QA), opens new tab on lower fourth-quarter profit.
The company reported a 32% plunge in its profit to 1 billion riyals ($274.33 million), and slashed its annual dividend by 5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
Dubai's main share index (.DFMGI), opens new tab, however, gave up early losses to conclude 0.1% higher, helped by a 1.4% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.6%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab retreating 1.7%.
Gulf stock markets fell in line with global shares on Monday, as U.S. President Donald Trump's tariffs on Canada, Mexico and China sparked fears of an escalating trade war and its potential impact on global economic growth.
President Trump said on Sunday the sweeping tariffs that he has imposed may cause "short-term" pain for Americans, as global markets reflected concerns the levies could undermine growth and reignite inflation.
Critics say the Republican president's plan to impose 25% tariffs on Canada and Mexico and 10% tariffs on China will slow global growth and drive prices higher for Americans.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.3%, hit by a 2.2% fall in ACWA Power Company (2082.SE), opens new tab and a 2.5% decrease in Saudi Awwal Bank (1060.SE), opens new tab, despite reporting a rise in annual profit.
On the other hand, Basma Adeem Medical (9626.SE), opens new tab - which is into dentistry and dermatology services - surged 30% in its market debut on Saudi Exchange's parallel market, Nomu.
During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.
The Qatari index (.QSI), opens new tab finished 0.6% lower, weighed down by a 3.7% slide in petrochemical maker Industries Qatar (IQCD.QA), opens new tab on lower fourth-quarter profit.
The company reported a 32% plunge in its profit to 1 billion riyals ($274.33 million), and slashed its annual dividend by 5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
Dubai's main share index (.DFMGI), opens new tab, however, gave up early losses to conclude 0.1% higher, helped by a 1.4% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.6%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab retreating 1.7%.
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