LONDON: The rush of financial firms setting up in Abu Dhabi to tap the emirate’s wealth funds and Middle East markets will continue at pace, the official in charge of expanding its financial hub has predicted.
Abu Dhabi, which holds 90 percent of the UAE’s oil reserves, has accelerated efforts to diversify its economy, leaning on its vast sovereign funds that together manage almost $2 trillion of capital.
Abu Dhabi Global Markets still lags Dubai, but the number of firms registered in the center rose by 32 percent last year, and the amount of assets managed by firms there grew 245 percent, as the likes of BlackRock, Morgan Stanley, AXA, PGIM and hedge fund Marshall Wace all set up or registered funds there.
Earlier on Tuesday, Harrison Street, a US firm focused on alternative real estate assets with about $56 billion in assets under management, said it was opening an office in Abu Dhabi.
The center reported last week that new operating licenses increased 67 percent in the first quarter of this year, taking the total number of firms there past 2,380.
