BlackRock says it is open to partnering with sovereign wealth funds (SWFs) across the GCC to expand investments in Asia, building on more than a decade of activity in India and China.
Ben Powell, Chief Strategist for the Middle East and Asia Pacific at the BlackRock Investment Institute, said the firm is “very open-minded” about co-investment opportunities with regional SWFs. Speaking to Zawya during Abu Dhabi Finance Week (ADFW), he noted that BlackRock sees strong prospects in Asian markets. “The India growth story is compelling, and we intend to participate through co-investments or joint ventures from the region,” he said.
Growing GCC presence
Managing $13.52 trillion in assets, BlackRock has increased its footprint in the Gulf over the past two years. It opened a regional headquarters in Riyadh in 2023 after launching an investment platform backed by a $5 billion anchor commitment from Saudi Arabia’s Public Investment Fund (PIF). The firm later secured a commercial licence in Abu Dhabi and has since expanded teams in Riyadh and Dubai while setting up offices in Kuwait and Qatar.
Powell highlighted the UAE and Saudi Arabia as central to strengthening capital markets in the region, noting their strong regulatory frameworks and ambition to become major financial hubs. He added that BlackRock aims to double its Saudi investments by 2030, from the current $35 billion.
AI and infrastructure take centre stage
Looking ahead to 2026, BlackRock sees growing investment potential in artificial intelligence (AI) and infrastructure development across the GCC. While energy remains a key sector, Powell said the AI “mega boom” will continue to accelerate.
BlackRock teamed up with Microsoft last year to launch a $30 billion fund focused on AI-related infrastructure, including data centres and energy projects. With debt financing included, the partnership could mobilise up to $100 billion in total capital.
Powell said more technology companies are expected to tap capital markets to support the next wave of AI expansion, especially in infrastructure build-out that will enable broader productivity gains. “This is where capital is moving, and it is set to become a mainstream asset class in the coming years,” he noted.
Click here for more on Finance and Investing
