By Staff Writer
State Street Corporation, one of the world’s largest investment managers, is expanding its UAE footprint with a new operating centre in Al Ain, a move expected to create more than 300 financial services roles over the next four years.
The firm has signed an agreement with the Abu Dhabi Investment Office (ADIO) to support the expansion, according to a joint statement released on Wednesday. State Street said the new hub will focus on technology, artificial intelligence, client services, and operations, and will serve both Abu Dhabi-based and global investors as part of its wider international operating network.
The company, which managed $5.7 trillion in assets under management at the end of last year, said the new roles will include opportunities for both Emirati talent and international professionals. State Street also plans to collaborate with UAE universities to develop career programmes and internships for graduates.
“We are committed to investing in the growth of our UAE business, and expanding our existing presence in Abu Dhabi and ADGM,” said Ron O’Hanley, Chairman and CEO of State Street, adding that the company believes its experience across major global financial centres can support Abu Dhabi’s rise as an international hub.
State Street currently operates across more than 100 markets and has offices in Abu Dhabi, Dubai, Muscat, and Riyadh, serving regional institutions including sovereign wealth funds, pension schemes, central banks, and asset managers. The firm said it oversees $841 billion in assets under management across the Europe, Middle East and Africa region.
Alongside the new Al Ain centre, State Street said it is also upgrading its ADGM licence to strengthen its local market infrastructure.
The announcement comes as ADGM continues to attract global financial institutions, with banks and asset managers expanding their presence in the UAE. ADGM representatives said the development underscores Abu Dhabi’s growing position as a global financial centre.
