Dubai's Emirates NBD bank is collaborating with BlackRock to provide its wealth management clients access to alternative asset classes, particularly in private markets. 

The two firms have signed a Memorandum of Understanding to create an investment platform for the UAE wealth management market, initially focusing on private credit and multi-alternatives.

Private markets, encompassing both equity and credit, offer less liquidity but the potential for higher returns compared to listed securities. As global demand for private market investments has increased, investors have found opportunities to diversify their portfolios and pursue greater returns amid a slowdown in global capital markets activity due to rising borrowing costs.

BlackRock, the world's largest asset manager, is investing approximately $28 billion in 2024 to enhance its private market offerings.

Clients of Emirates NBD Asset Management will have the opportunity to invest in private markets through BlackRock's Alternative Investments platform, which currently manages over $450 billion in assets.