Finance World Magazine| Edition: January 2024

Cover Story
UAE’s Economic
Metamorphosis:
Spotlighting Foreign Investments
CEO of BlackRock
Larry Fink
Larry Fink, the esteemed American billionaire
businessman and current Chairman and CEO of
BlackRock, has played a pivotal role in fostering
strategic investments, particularly in the context of the
United Arab Emirates (UAE).
BlackRock, one of the world’s largest money-management
firms with assets exceeding $10 trillion, has been
at the forefront of global investment strategies. In April
2022, Fink’s net worth reached an estimated $1 billion
according to Forbes Magazine, solidifying his status as a
prominent figure in the financial world.
A notable collaboration between the UAE and Black-
Rock is the $30 billion commitment to ALTÉRRA, a newly
launched private investment climate vehicle. This initiative
involves a partnership to create the BlackRock Climate
Transition Vehicle, which aims to invest $2 billion in climate
opportunities across BlackRock’s private debt and
infrastructure equity strategies. The ALTÉRRA project,
touted as “the world’s largest private investment vehicle
for climate change action,” is geared towards mobilising
$250 billion globally by 2030.
Within the BlackRock Climate Transition Vehicle, $1
billion is earmarked for the Climate Transition-Oriented
Private Debt strategy. This innovative private debt strategy
is focused on financing middle-market companies,
primarily in Europe and the US, that exhibit climate transition
characteristics. Another $1 billion is allocated to
transition-related infrastructure, including a commitment
to the BlackRock Global Infrastructure Fund IV, which
invests in decarbonization-related infrastructure assets.
A portion of this investment, $350 million, is dedicated to
infrastructure in the Global South, emphasising a commitment
to climate-related infrastructure in emerging markets.
Larry Fink emphasised the significance of BlackRock’s
participation in ALTÉRRA, stating, “The launch of ALTÉR-
RA will itself not only help mobilise much-needed capital
to support the transition in the Global South, but it can
also serve as a blueprint for other sovereigns and private
sector actors to replicate.” The collaboration between the
UAE and BlackRock exemplifies a commitment to global
green finance and creating a climate investment landscape
that stimulates sustainable growth.
In addition to the ALTÉRRA initiative, BlackRock is
set to invest up to $400 million in Positive Zero, a Dubaibased
decarbonization company. This investment aligns
with Positive Zero’s mission to promote sustainable
energy adoption across the GCC, contributing to efforts
to reduce carbon emissions and combat global warming.
As the UAE continues to position itself as a hub for
green finance and sustainable development, partnerships
with key players like BlackRock contribute to the nation’s
vision of a climate-resilient future.
January 2024 www.thefinanceworld.com 33