KADIPA: Kuwait Keen On Attracting Direct Investments, Developing Nat'l Competencies

(MENAFN- Kuwait News Agency (KUNA)) By: Fajer Al-Hajeri
KUWAIT, Sept 8 (KUNA) -- The Kuwait Direct Investment Promotion Authority (KDIPA) confirmed on Monday that BlackRock's receipt of regulatory approvals and commercial licenses to operate in Kuwait is an initiative that reflects its confidence in the country's economic development.
In a statement to KUNA, KADIPA said that this initiative aims to achieve several strategic outcomes, enhancing mutual trust between the company and its clients, in addition to supporting the "New Kuwait 2035" vision, in line with BlackRock's vision to participate in contributing to the development of capital markets in the Middle East region.
The company will commence its operations in Kuwait, which will enable it to practice the activity of (investment advisor) through an office that includes a team specialized in customer service, a team for financial consulting, and a team for the (Aladdin) system, which will enable it to provide the latest investment solutions and services to its clients, it added.
KADIPA Director General Sheikh Dr. Meshal Al-Jaber Al-Ahmad Al-Sabah affirmed that Kuwait is committed to attracting value-added direct investments, with a strong focus on developing national competencies, which contribute to strengthening long-term partnerships and ensuring future sustainability based on knowledge.
In turn, BlackRock CEO and Chairman Larry Fink said, "Our decades-long partnership with Kuwait is one of our international partnerships that we are proud of and attach great importance to. We look forward to strengthening this partnership through an actual presence in the State of Kuwait and contributing to supporting the financial system and developing national competencies."
The Capital Markets Authority of Kuwait announced the official granting of a license to the BlackRock Advisors UK Limited branch to practice investment advisory activities in Kuwait, considering this a "step that reflects Kuwait's growing position on the global financial map, as the company is one of the entities affiliated with the BlackRock Group, one of the largest asset managers in the world." (end)
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