RIYADH: Dubai’s Emirates NBD has partnered with US-based investment firm BlackRock to launch a dedicated platform aimed at giving its wealthy clients greater access to private markets and alternative assets. 

The two firms signed a memorandum of understanding to create this platform, as well as introduce an initial range of evergreen offerings focused on income and growth strategies, tailored exclusively for the UAE wealth market, according to a press statement. 

Clients of Emirates NBD Asset Management will gain access to BlackRock’s Alternative Investments platform, which currently oversees more than $450 billion in assets under management. 

The appetite for private market investments has been rising globally, driven by investors seeking portfolio diversification and stronger returns. This trend is further fueled by a slowdown in global capital market activity amid higher borrowing costs, with the alternative asset market projected to reach $30 trillion by the end of the decade. 

Marwan Hadi, group head of retail and wealth management at Emirates NBD, said: “Innovation is a cornerstone at Emirates NBD, and we are pleased to partner with BlackRock to offer access to best-in-class, products in alternative markets through a dedicated platform while supporting the growing needs of investors in the region.”  

He added: “We are deeply committed to creating value through our offerings and advancing the investment landscape in the UAE and the wider region, which has been experiencing a strong appetite in the last few years.” 

This partnership also aims to democratize investment opportunities previously limited to institutional investors and ultra-high-net-worth individuals. 

Beyond investment opportunities, BlackRock will leverage its open architecture approach to support Emirates NBD Asset Management’s private markets expansion, offering services including marketing, education, training, and technology. 

“We are delighted to partner with Emirates NBD as they build out their private markets platform. Spurred by investor sentiment and facilitated by product innovation, technology, and regulatory advancements, wealth allocations to private markets are predicted to increase materially over the next five years,” said Rachel Lord, head of International at BlackRock. 

Emirates NBD serves more than 9 million customers across 13 countries, holding 997 billion dirhams ($271 billion) in assets as of Dec. 31, 2024. 

NEW YORK/SINGAPORE: Oil prices edged higher on Wednesday on supply concerns with the US stepping up efforts to limit Venezuelan and Iranian oil exports, while a bigger-than-expected drop in US crude inventories also lent support.

Brent crude futures gained 20 cents, or 0.3 percent, to $73.22 a barrel by 7:04 a.m. Saudi time, while US West Texas Intermediate crude futures rose 20 cents, or 0.3 percent, to $69.20 a barrel.

Both contracts hit their highest in three weeks in the previous session.

“Crude oil prices maintain their bullish bias after Trump’s sanctions on Venezuelan oil, raising supply-side concerns,” Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a market commentary on Wednesday.

On Monday Trump signed an executive order authorizing his administration to impose blanket 25 percent tariffs under the 1977 International Emergency Economic Powers Act on imports from any country that buys Venezuelan crude oil and liquid fuels.

Oil is Venezuela’s main export. China, already a target of US import tariffs, is its largest buyer.

Trade of Venezuelan oil to top buyer China stalled on Tuesday, as Chinese traders and refiners said they were waiting to see how the order would be implemented and whether Beijing would direct them to stop buying.

Washington last week also imposed a new round of sanctions on Iran’s oil sales targeting entities including Shouguang Luqing Petrochemical, a “teapot,” or independent refinery in east China’s Shandong province, and vessels that supplied oil to such plants in China, the top buyers of Iranian crude.

The market was also buoyed by American Petroleum Institute data that showed US crude inventories fell by 4.6 million barrels last week, a sign of healthy demand for fuel in the world’s largest economy.

Analysts polled by Reuters were expecting a decline of 1 million barrels.

Official US government data on crude inventories is due on Wednesday.

The upswing in oil prices is a temporary phenomenon, with the potential economic slowdown due to Trump’s tariffs keeping a lid on price gains, Phillip Nova’s Sachdeva said.

Further capping oil prices, the US reached deals with Ukraine and Russia to pause attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.

Kyiv and Moscow both said they would rely on Washington to enforce the deals, while expressing skepticism that the other side would abide by them.