PGIM opens office in Abu Dhabi financial hub By Investing.com

PGIM, the global investment manager of Regulatory Financial (LON:), is expanding its international presence with a new office in Abu Dhabi. The company, which managed assets of US$1.33 billion at the end of June, received a Financial Services Permission to operate in the Abu Dhabi Global Market (ADGM) and aims to serve regional institutional and professional clients.

PGIM’s expansion is part of a broader trend of more and more financial institutions setting up shop in the capital of the United Arab Emirates. The reasons for this are the strong economic growth after the pandemic, the UAE’s strategic geopolitical location and attractive business conditions, including tax incentives. Abu Dhabi is home to major sovereign wealth funds such as ADIA, Mubadala and ADQ, which together manage assets of $1.54 billion, according to Global SWF.

The financial metropolis is increasingly attracting heavyweights in the industry. Well-known companies such as Bridgewater Associates and Brevan Howard have already established branches. Banks such as Goldman Sachs (NYSE:) and Rothschild, which have traditionally preferred Dubai, are now opening offices in Abu Dhabi and Riyadh.

The ADGM recorded a remarkable 31% year-on-year increase in company registrations in the first half of 2024. Even more impressive is the 226% growth in assets under management. Among the companies that recently received a financial services license is Morgan Stanley (NYSE:).

Although PGIM has long served clients in the Middle East, the Abu Dhabi office marks its first physical presence in the region. Mohammed Abdulmalek, PGIM’s Middle East Head, underlined the strategic importance of Abu Dhabi as a key market. While the planned number of employees for the new location was not disclosed, PGIM employs over 1,400 people in 41 countries worldwide.

Reuters contributed to this article.

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