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 Director General Sheikh Dr. Meshaal 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 Chairman and CEO, Larry Fink, said, "Our decades-long partnership with Kuwait represents one of our most valued global relationships. We look forward to expanding this partnership with a physical presence, helping to further build the country's financial ecosystem and develop local talent."
BlackRock's Kuwait Office will focus on deepening collaboration with clients, supporting Kuwait's Vision 2035 objectives, and building upon the firm's work in advancing the development of the Middle East's capital markets, said the statement.
The statement also noted that BlackRock has appointed Ali Al-Qadhi, a Kuwaiti national who joined BlackRock in 2023, as Country Head for Kuwait, in addition to his continued responsibilities as the Head of Kuwait and Qatar Client Business.
BlackRock announced it received the regulatory and commercial licenses for its office in Kuwait City, reflecting its confidence in the country's economic transformation and making the firm the first global asset manager to set up a physical presence in Kuwait. (end)
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