New York-based BlackRock, which manages more than $11 trillion in assets, has plans to expand its presence into Kuwait, Bloomberg reported on Monday.

The US investment company is still in talks with representatives in the Gulf state and is likely to decide on the potential expansion within this month.

Neither the asset manager nor Kuwait issued an official statement regarding the matter. However, BlackRock Chairman and CEO Larry Fink did visit Kuwait on Monday and met with the ruling emir, Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, and the crown prince, Sheikh Sabah Khaled Al-Hamad Al-Sabah, according to the state news agency.

Fink talked about the importance of strengthening cooperation with Kuwait and supporting the country’s 2035 Vision goals, while the Crown Prince highlighted the importance of promoting investment opportunities, as well as fostering cooperation with foreign businesses.

Finance Minister of State for Economic Affairs and Investment Noora Al-Fassam and Director General of the Kuwait Direct Investment Promotion Authority (KDIPA) Meshaal Jaber Al-Ahmad Al-Sabah also attended the meeting.

(Writing by Cleofe Maceda; editing by Seban Scaria)

seban.scaria@lseg.com