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Blackstone is planning to establish an office at Dubai International Financial Centre (DIFC), marking its return to Dubai after relocating its regional base to Abu Dhabi in 2019, according to sources. The move is expected to strengthen the world's largest alternative asset manager's presence across the Gulf as it expands its focus on private wealth and regional investments. The company is expected to retain its Abu Dhabi office while increasing its presence in Dubai, which has emerged as a major financial hub attracting global investment firms, family offices and high-net-worth individuals.
Blackstone, the world's largest alternative asset manager, is planning to open an office at Dubai International Financial Centre (DIFC), according to two people familiar with the matter. The move would mark the company's return to Dubai after it shifted its regional base to Abu Dhabi in 2019 and would further strengthen its presence across the Gulf.
The company declined to confirm the development. A Blackstone spokesperson told Reuters that the firm does not comment on market speculation.
Blackstone is expected to continue operating its existing office in Abu Dhabi while expanding into Dubai, the sources said. Abu Dhabi remains the UAE's political capital and home to some of the world's largest sovereign wealth funds, which are collectively estimated to manage more than USD 1.8 trillion in assets.
Dubai's position as a financial and business hub has strengthened significantly in recent years. Since the COVID-19 pandemic, the emirate has witnessed strong economic growth, supported by government-led residency reforms, investor-friendly policies and large-scale investment programmes. Dubai International Financial Centre has also recorded steady growth in registrations from global asset managers, hedge funds, private banks and family offices, while attracting an increasing number of high-net-worth individuals.
The reported expansion comes as geopolitical tensions in the Middle East continue to create uncertainty following the Iran conflict, which disrupted regional travel and supply chains. Despite these challenges, global investment firms have continued to pursue opportunities across the Gulf, reflecting confidence in the region's long-term economic outlook.
Blackstone manages approximately USD 1.35 trillion in assets across private equity, real estate, credit, infrastructure and other investment strategies. In recent years, the firm has increased its focus on private wealth by making senior leadership appointments and expanding its offerings for individual investors across Europe and the Middle East.
The company has also strengthened its investment footprint in the Gulf. It previously acquired a stake in Dubai-based online real estate marketplace Property Finder, adding to its growing portfolio of regional investments.
During the past week, Reuters also reported that Blackstone had emerged as one of the bidders for a stake in Kuwait Petroleum Corporation's oil pipeline network, indicating that it continues to pursue large infrastructure investments despite regional geopolitical concerns.
Since the start of the Iran conflict, Blackstone has announced a joint aircraft leasing investment programme with Dubai-based DAE and invested USD 250 million in a UAE-based payments and data intelligence technology platform, reflecting its continued confidence in the region's investment opportunities.
Earlier this year, Blackstone President and Chief Operating Officer Jon Gray said the company sees significant opportunities to deploy capital at scale in the UAE to build businesses capable of expanding both within the country and internationally despite near-term economic challenges. Gray also serves as a board member of XRG, the international investment arm of Abu Dhabi's state-owned oil company.
The sources, who requested anonymity because the discussions are private, said Blackstone's planned Dubai office would complement rather than replace its Abu Dhabi operations, allowing the company to strengthen relationships with investors and private wealth clients across both financial centres.
Source Reuters
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