Blackstone has announced that it plans to open a new office in Kuwait through the Kuwait Direct Investment Promotion Authority (KDIPA), strengthening the firm’s presence in the GCC.

The firm expects to open the office in the third quarter of this year. It then intends to further expand its regional presence with additional offices to be announced across the GCC over the coming year.

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“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,” said Jon Gray, President and COO of Blackstone.

“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,” added Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, director general of KDIPA.

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