TMTPOST -- BlackRock Inc. has been granted a commercial license to operate in Abu Dhabi, marking a significant step in the asset manager's efforts to strengthen its presence in the region. The company also plans to seek regulatory approval to operate within Abu Dhabi Global Market (ADGM), the city's financial hub, according to a statement. The new office will enable BlackRock to collaborate more closely with sovereign wealth funds, wealth managers, and investment entities based in Abu Dhabi. “Abu Dhabi has rapidly transformed into a global financial center,” said Charles Hatami, BlackRock’s head of the Middle East. “Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.” As Abu Dhabi and Riyadh compete with Dubai for dominance as the Middle East’s primary business hub, BlackRock’s CEO, Larry Fink, views operations in both countries as essential. With Abu Dhabi and Riyadh collectively overseeing over $1 trillion in sovereign wealth, they represent some of the largest capital pools in the world.