Dubai's Emirates NBD Partners With Blackrock To Expand Wealth Management In UAE

Dubai's Emirates NBD bank announced on Tuesday that it has partnered with BlackRock to provide its wealth management clients with new investment opportunities in alternative assets, particularly in private markets.

The two companies have signed a Memorandum of Understanding creating an investment platform for the UAE wealth management sector. Initially, the platform will focus on private credit and a mix of alternative investments, Reuters reported.

Growing Interest in Private Markets Amid Economic Shifts

Private markets, which include equity and credit investments, are not as easily traded as public securities but can provide higher returns.

With rising borrowing costs slowing global capital markets, investors have been increasingly turning to private market investments to diversify their portfolios and seek better financial gains.

In 2024, BlackRock, the world's largest asset manager, invested approximately $28 billion to expand its private market offerings. As part of this partnership, Emirates NBD Asset Management clients will gain access to BlackRock's Alternative Investments platform, which manages more than $450 billion in assets.

Emirates NBD aims to transform access to alternative investments in the Middle East through this partnership, making these opportunities available to a wider range of investors and strengthening its position as a leader in wealth management.

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said that the bank sees innovation as a key focus and, by collaborating with BlackRock, seeks to provide high-quality investment options in alternative markets through a specialized platform.

It is committed to enhancing its offerings and contributing to the investment growth in the UAE and the broader region, where demand for such opportunities has been increasing in recent years.

Rachel Lord, Head of International at BlackRock, explained that BlackRock expects wealth investments in private markets to grow significantly over the next five years, driven by investor interest, new financial products, technological advancements, and evolving regulations.

The partnership brings together Emirates NBD's strong regional distribution network and BlackRock's global expertise in private markets, creating an attractive investment opportunity for investors in the Middle East.

Last year, Nasdaq Dubai listed Emirates NBD Bank's $500 million Sustainability-Linked Loan Financing Bond (SLLB), the first ever issued under the new International Capital Market Association (ICMA) and Loan Market Association (LMA) guidelines.