BlackRock, the multinational investment firm and spot Bitcoin exchange-traded fund (ETF) issuer, received a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.

According to Bloomberg, the approval granted on Nov. 18 reflects BlackRock’s interest in expanding in the crypto-friendly region. 

The company is also seeking a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub in Abu Dhabi, home to crypto companies like Blockdaemon , M2 and Laser Digital .

BlackRock to focus on AI infrastructure in Abu Dhabi

Despite the UAE being a popular crypto hub, the report did not mention digital assets. BlackRock’s Middle East head, Charles Hatami, said in a statement to Bloomberg that the company will focus on private markets and artificial intelligence infrastructure.  

The move aligns with broader AI investments in Abu Dhabi. On April 16, Microsoft announced that it had invested $1.6 billion in an Abu Dhabi-based AI tech holding company called G42. The technology conglomerate said that the investment aims to push AI development in the region and globally. 

On Sept. 17, Microsoft also announced that it would be establishing two AI centers in Abu Dhabi as part of its global AI expansion. One center would support AI projects to solve “key societal goals,” while the other would develop industry standards for responsible AI use. 

BlackRock has yet to provide further details on its plans for the UAE beyond obtaining a license to operate in the region.

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Hatami said Abu Dhabi has become a “global financial center.” He also praised the region’s government for being proactive and committed. The executive stated: 

“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”

BlackRock issues the iShares Bitcoin Trust ETF, which gives United States-based investors exposure to Bitcoin ( BTC ). On Nov. 8, the spot Bitcoin ETF surpassed $33 billion in net assets , exceeding its iShares Gold Trust ETF, which gives investors exposure to gold. 

The UAE continues to establish itself as a leader in digital finance. On Aug. 30, the country ranked third in a crypto adoption index released by Henley Partners, an investment migration consultancy firm.

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