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Abu Dhabi will be leader in AI, centre for crypto, says Blackrock CEO

While the emirate has a 'foundation in oil and gas, its economy has opportunities in new segments', he said

Published: Mon 9 Dec 2024, 6:44 PM

Updated: Mon 9 Dec 2024, 8:23 PM

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Image used for illustrative purpose. Photo: File

Image used for illustrative purpose. Photo: File

Abu Dhabi will be a centre for digitalisation and crypto, and a leader in artificial intelligence (AI), said Larry Fink, chairman and CEO of Blackrock.

While speaking during an interview on the first day of the Abu Dhabi Finance Week, Fink said: “Abu Dhabi is a beacon of opportunities whether it is education, sports or any other field. I see it is going to be a centre for digitalisation and crypto and a leader in AI. I believe AI is going to be the next industrial revolution. Abu Dhabi has a foundation in oil and gas but its economy has opportunities in new segments.”

Blackrock is the world’s largest asset manager with $11.5 trillion assets under management at the end of last year. In November 2024, it was awarded a commercial licence to operate in Abu Dhabi.

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Abu Dhabi was recently named the world’s richest city, with its different sovereign wealth funds owning $1.7 trillion worth of assets.

A large number of officials from the public and private sectors attended the first day of the forum.

He added that the UAE capital has become more important due to its constant innovation, attracting capital and best talent from around the world.

“Abu Dhabi has matured and become more important due to the constant innovation. It is an economy that is growing very fast; it is one of the key destinations, attracting capital and talent. Compared to 10 to 20 years ago, it has a different psychology. It is blossoming into a magnet of opportunities,” he said during the interview.

“The ability to have a solid and progressive life is attracting the best talent. The safety here is phenomenal,” he said, adding that he is “very excited by the opportunities in Abu Dhabi and encouraged by watching how this economy is growing and positioning itself.”

Earlier, Ahmed Jasim Al Zaabi, chairman of Abu Dhabi Global Markets, delivered a welcome address.

“Abu Dhabi is the place where you can think big but built even bigger. This is the place where legacies are forged. Abu Dhabi is a model of renaissance. Capital of capital is not just a title but a thriving vision,” he said.

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