Blackstone, the world’s largest alternative asset manager, has announced plans to open an office in Kuwait through the Kuwait Direct Investment Promotion Authority (KDIPA), further strengthening its presence in the GCC.

The New York-based group, which is eyeing a Q3 launch, said it aims to further expand the regional presence with additional offices to be announced across the GCC over the coming year.

On the strategic move, Jon Gray, the President and COO of Blackstone, 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,” he stated.

Welcoming the move, Sheikh Dr Meshaal Jaber Al Ahmad Al Sabah, the Director General of KDIPA, said: “Leading global companies’ presence in Kuwait reflects growing confidence in its long-term outlook.”

“It further reinforces Kuwait’s position as a destination for investment and sustainable growth,” he added.-TradeArabia News Service