Alternative asset manager Blackstone has launched a new office in the Dubai International Financial Centre (DIFC). The move establishes a second UAE location for the firm alongside its existing base in Abu Dhabi, which has operated since 2010.

The Dubai branch will function as a central hub for Blackstone’s Private Wealth division in the region. The team will manage existing partnerships with regional banks and support the firm’s private wealth network, which already spans more than 40 distributor relationships across the GCC.

Jon Gray, President and Chief Operating Officer of Blackstone, said: “The UAE has built an extraordinary position as a global finance and investment hub and is becoming an increasingly important center for wealth management. We are proud of our presence in the country since 2010. Our new Dubai office builds on that longstanding commitment, allowing us to deepen our partnerships and broaden access to alternatives for investors across the GCC.”

His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, said: “The opening of Blackstone’s regional Private Wealth office in DIFC reflects Dubai’s role as the gateway for global investment firms seeking to capture opportunities across the region. As home to the region’s largest concentration of wealth and asset management firms, DIFC is the preferred base for firms seeking to deepen relationships with investors across the GCC and contribute to the increasingly important role private capital plays in supporting economic growth, investment and long-term value creation.”

The regional expansion follows a period of record capital commitments over the past 12 months. Blackstone also upgraded its Abu Dhabi licence to support local deal origination and announced plans earlier in the year to open an office in Kuwait, with further GCC growth expected over the coming year.