Written by Gérard Al-Fil, Dubai

According to a press release from the Kuwaiti news agency KUNA on Monday, Blackrock has appointed Ali Al-Qadhi as head of its new branch. Just last week, the Kuwaiti Capital Markets Authority announced that it had granted Blackrock Advisors (UK) Ltd, a unit of the U.S. asset manager, a license to operate as an investment advisor.

Summit With an Action Plan

The move was preceded by a visit from Blackrock co-founder and CEO Larry Fink to the ruler of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, in February. During the meeting, Fink pledged the full support of the financial firm for the government's strategy «Kuwait Vision 2035.» By then, the small state — whose revenues are still over 90% dependent on crude oil exports — aims to become an international financial and trade hub. Blackrock already operates in the region with offices in Riyadh (Saudi Arabia), Doha (Qatar), and both Dubai and Abu Dhabi (UAE).

Blackrock, which manages $12.5 trillion in assets, plans to offer financial consulting in Kuwait (population 5 million) to high-net-worth individuals (HNWIs) as well as state-owned and private investment companies. Roughly 15 percent of Kuwaitis are millionaires, placing the emirate third globally according to World of Statistics, behind Switzerland (15.5%) and Hong Kong (15.3%). The Kuwait Investment Authority (KIA) holds a 5.57% stake in Mercedes-Benz and, since June this year, has backed Blackrock’s initiative to build global infrastructure for artificial intelligence. KIA manages a portfolio worth around $1 trillion, according to the Sovereign Wealth Fund Institute. Blackrock managed in the second quarter 2025 assets worth 12.53 billion dollars.

Safe Harbour

According to Boston Consulting Group, the Gulf's rising HNWI community has benefited in recent years from solid oil prices, booming global stock markets, the post-pandemic comeback of trade and tourism, and a weaker U.S. dollar, which is attracting investments from Europe, the UK, and East Asia. All Arab Gulf currencies are pegged to the greenback at fixed rates — except for Kuwait, whose dinar floats against a basket of currencies. In 2024, the country's public debt was an insignificant 3% of GDP.

Recent geopolitical crises in the Middle East have, according to a study by credit rating agency Fitch, largely bypassed the northern Gulf state. In early September, Fitch once again awarded Kuwait the top rating of «AA–» with a stable outlook. However, the agency's analysts urged the government to accelerate reforms to boost the non-oil sector and to improve transparency in the domestic financial industry.