Blackrock Inc. and Dubai-based bank Emirates NBD have teamed up to create a new platform that aims to provide Middle Eastern investors with more opportunities to invest in rapidly growing private markets.

This initiative will enable Emirates NBD's affluent clients to access private credit and alternative assets through the BlackRock Alternative Investments platform, which manages over $450 billion in assets. Initially, they will introduce a series of evergreen offerings that offer investors more flexibility compared to closed-end funds, focusing on income and growth strategies within the United Arab Emirates.

Several international firms are moving swiftly into the private credit sector in the Middle East by collaborating with regional wealth funds such as Mubadala Investment Co., Abu Dhabi Investment Authority, ADQ, and Saudi Arabia's Public Investment Fund. Mubadala highlighted private credit as its top-performing asset class for three consecutive years, as mentioned by its deputy CEO in January.