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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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BlackRock Mulls Over Launching an Office in Kuwait, Expanding Presence
BlackRock Inc. (BLK - Free Report) is considering opening an office in Kuwait to deepen its presence in the Middle Eastern region. This was reported by Bloomberg, citing people familiar with the matter.
BLK is in discussions with regulators and could finalize a decision later this month.
Rationale Behind BLK’s Move
Abu Dhabi and Riyadh have been competing with Dubai to establish themselves as the primary business hub of the Middle East. While global firms like Citigroup Inc. (C - Free Report) and Morgan Stanley (MS - Free Report) have increased their focus on these three regions, only a few have introduced plans to expand into Kuwait.
In November 2024, C received approval from the Ministry of Investment Saudi Arabia, which allows the bank to open its regional headquarters in Riyadh, per an internal memo obtained by Reuters. In March 2024, MS announced the opening of a new office in Abu Dhabi to enhance its presence in the region.
BlackRock’s expansion will enable it to capitalize on the untapped potential of the Kuwait region, gaining a first-mover advantage. It will also enable the company to diversify its operations within the Middle East region and benefit from a presence in key markets.
BlackRock has been taking initiatives to expand its presence in the Middle East to work closely with the world’s largest sovereign wealth funds. In November 2024, the company obtained a commercial license to conduct operations in Abu Dhabi.
Further, in October 2024, the company obtained approval from Saudi Arabia to establish regional headquarters in Riyadh. Further, the company announced it would receive up to $5 billion from the Public Investment Fund to invest in the Middle East and develop a Riyadh-based investments team.
BlackRock’s Zacks Rank & Price Performance
Shares of BlackRock have gained 29.4% compared with the industry’s 42.2% growth in the past year.
Image Source: Zacks Investment Research
Currently, BLK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.