Blackstone opened a Dubai base on Nov. 12 that it says will widen access to alternative investments for Gulf investors as it builds out its private wealth business in the United Arab Emirates (UAE).
The office is at the Dubai International Financial Centre (DIFC). Blackstone said it will coordinate the firm's private wealth work serving Gulf Cooperation Council (GCC) markets, while strengthening ties with regional banks.
Blackstone President and Chief Operating Officer Jon Gray said the location is intended to make alternative investments more accessible to investors across the GCC. The company said its Private Wealth business has formed more than 40 distribution relationships in the region.
Blackstone traces its UAE presence back to 2010. The firm also said the license for its Abu Dhabi office was upgraded to support deal origination, while the Dubai location will focus on private wealth.
A quarterly filing with the U.S. Securities and Exchange Commission put Blackstone's assets under management (AUM) at $1,368.3 billion on Sept. 30, 2026. The company cautioned that managers may use different methods to calculate AUM. Blackstone also cited record capital commitments over the 12 months before the announcement, without disclosing a total or Gulf-specific amount.
The company did not disclose the Dubai office's staffing level, cost, local AUM target or expected returns. Its opening follows J.P. Morgan's launch of a private banking branch at DIFC, covered in an earlier EconoTimes report.
Blackstone's July announcement set a third-quarter 2026 target for a Kuwait office. Its Nov. 12 release mentioned the project but did not confirm an opening or provide an updated timeline.
