World's largest alternative asset manager Blackstone plans Dubai return with DIFC office

Dubai: Blackstone, the world's largest alternative asset manager, is planning to open an office in the Dubai International Financial Centre (DIFC), marking its return to Dubai six years after relocating its regional base to Abu Dhabi, according to Reuters, citing two people familiar with the matter.

The move would strengthen Blackstone's presence in the Gulf at a time when Dubai continues to attract global investors, high-net-worth individuals and financial institutions.

Since the pandemic, the emirate has recorded strong growth, supported by investment-friendly policies and residency reforms that have encouraged asset managers, hedge funds, family offices and private banks to establish operations in DIFC.

The report said the firm will retain its Abu Dhabi office, reflecting the emirate's role as home to some of the world's largest sovereign wealth funds.

Blackstone manages $1.35 trillion in assets across private equity, real estate, credit and other investment strategies.

According to Reuters, the firm has expanded its footprint in the Gulf in recent years through investments including a stake in Dubai-based Property Finder, a joint aircraft leasing investment programme with Dubai Aerospace Enterprise (DAE), and a $250 million investment in a UAE-based payments and data intelligence platform.

Reuters also reported this month that Blackstone is among the bidders for a stake in Kuwait Petroleum Corporation's oil pipeline network.