The world’s largest alternative asset manager, Blackstone, will open an office in Kuwait, the group said on Monday.
Blackstone announced its plans to open an office through the Kuwait Direct Investment Promotion Authority (KDIPA).
Blackstone President Jon Gray said Kuwait has the resources, vision and leadership to be a key commercial and financial hub in the region. “Private capital can play an important role to support the country’s long-term economic diversification efforts and we look forward to deepening a partnership that spans nearly four decades,” Gray said.
For his part, KDIPA Director General Sheikh Meshall Al-Sabah said the move reflects growing confidence in Kuwait’s long-term outlook. “It further reinforces Kuwait’s position as a destination for investment and sustainable growth,” he said.
The office is expected to open in the third quarter of this year.Blackstone said it also intends to open additional offices across the Gulf region over the coming year.
Citing sources with knowledge of plans told Reuters last week that Blackstone is planning to set up an office in Dubai's International Financial Center (DIFC).