BlackRock Inc (NYSE:BLK)., a leading asset manager, is reportedly considering the establishment of a new office in Kuwait. This move is seen as the company’s most recent endeavor to strengthen its connections in the oil-rich region.

According to sources who wished to remain anonymous due to the confidential nature of the matter, the firm is currently in talks with regulatory bodies. A final decision on the matter could be made as early as this month.

BlackRock’s CEO, Larry Fink, was in Kuwait on Monday. During his visit, he met with the ruling emir, Sheikh Mishaal Al-Ahmed Al-Sabah, and the crown prince, as reported by the state-run KUNA news agency. This potential expansion into Kuwait comes as part of BlackRock’s broader strategy to deepen its ties and increase its footprint in the region.