BlackRock, the world’s biggest asset manager, has received a commercial license to operate in Abu Dhabi just weeks after it got approval from the Saudi authorities to open a regional headquarters there as the two Gulf states jostle to lure in foreign capital.

BlackRock, which manages around $11.5 trillion in assets, also plans to seek regulatory approval to operate in the Abu Dhabi Global Market, the emirate’s financial center, according to a statement from the American multinational Monday. The new Abu Dhabi office will work closely with sovereign wealth funds, wealth managers and investment vehicles in the emirate, BlackRock added.

“Abu Dhabi has rapidly transformed into a global financial center,” Charles Hatami, head of the Middle East for BlackRock, said in the statement. “Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”

“We look forward to continuing our contribution to the region’s economic development and supporting our clients with innovative investment opportunities, particularly in private markets, including artificial intelligence infrastructure and transition focused solutions,” he added.