Home UAE Abu Dhabi PGIM opens Abu Dhabi office, joining money managers’ rush to UAE capital The investment management firm said it has served clients in the Middle East for many years, but Abu Dhabi office would be its first in the region by Reuters September 12, 2024 Image credit: Aristide Economopoulos/ Getty Images PGIM, the investment management arm of US insurer Prudential Financial, opened an office in Abu Dhabi on Thursday. It joins a slew of money managers coming to the UAE’s capital to tap a growing pool of wealthy clients. PGIM, which had $1.33tn in assets under management as of June end, obtained a Financial Services Permission (FSP) to operate in Abu Dhabi’s financial centre, ADGM. There, it will cater to regional institutional and professional clients. Asset managers, banks, hedge funds and family offices have increased their presence in the UAE in recent years, driven by a post-pandemic economic rebound, the UAE’s relatively neutral political stance, convenient time zones and tax-free status. In Abu Dhabi – where state funds ADIA, Mubadala and ADQ manage $1.54tn in assets, per sovereign wealth fund tracker Global SWF – some of the big names include the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, who opened a branch of his family office last year, and peers Brevan Howard. The oil-rich emirate also lured banks such as Goldman Sachs and Rothschild, which have traditionally favoured neighbouring Dubai as their regional hub but are now setting up smaller offices in Abu Dhabi and Riyadh. Company registrations at ADGM surged 31 per cent in the first half of 2024 compared with a year earlier, while assets under management soared by 226%, the financial centre said. Morgan Stanley was among the asset managers that received an FSP in the period. PGIM said it has served clients in the Middle East for many years, but Abu Dhabi would be its first office in the region. “Abu Dhabi remains a key market,” its Middle East head, Mohammed Abdulmalek, said. The firm said it has more than 1,400 employees globally, spread across 41 countries, without disclosing the number of staff it plans to employ in Abu Dhabi. Read: ADGM says company registrations up 31% in H1 2024 Tags Abu Dhabi ADGM finance You might also like DIB issues $500m AT1 sukuk at 5.25% profit rate Saudi’s Cenomi Centers, GIB Capital unveil SAR1bn real estate fund Rawabi Holding, World Wide Generation new JV to drive sustainability Driving the future: Irfan Tansel on why innovation can’t slow down