Blackstone plans Dubai office as PE giant plans targets further Gulf growth
Blackstone is planning to open an office in Dubai’s International Financial Centre as the US alternative investment firm seeks to expand its presence across the Gulf, according to a report by Reuters citing unnamed people familiar with the plans.
The move would mark a return to Dubai for Blackstone, which moved its regional base to Abu Dhabi in 2019. The firm is expected to maintain its existing Abu Dhabi office, the sources said.
Dubai has experienced rapid economic growth since the pandemic and has attracted increasing numbers of wealthy individuals and financial firms. The Dubai International Financial Centre has also seen growing interest from asset managers, family offices, hedge funds and private banks.
The planned office comes as Blackstone, which manages approximately $1.35tn in assets, continues to expand across the Middle East and target private wealth investors. The firm invests across private equity, real estate, credit and other alternative asset classes.
Blackstone has stepped up its Gulf investment activity in recent years, including taking a stake in Dubai-based online classifieds business Property Finder.
The firm has also emerged as a bidder for a stake in the oil pipeline network of Kuwait Petroleum Corporation, according to reports earlier this month.
Since the outbreak of the Iran war, Blackstone has announced a joint aircraft leasing investment programme with Dubai-based DAE and invested $250m in a UAE payments and data intelligence technology platform.
The sources said Blackstone would continue to operate its Abu Dhabi office. The emirate is home to the majority of the UAE’s oil reserves and its sovereign wealth funds are estimated to oversee more than $1.8tn in assets.
