State Street, a US-based provider of financial services to institutional investors, has signed a support agreement with the Abu Dhabi Investment Office (ADIO) to establish a new operating centre in Al Ain, Abu Dhabi.
The move is part of the company’s long-term expansion strategy in the UAE and its continued involvement in the ADGM ecosystem.
Over the next four years, the centre will create more than 300 financial services roles, offering career pathways for local Emirati talent.
State Street will also collaborate with universities to offer internships, training, and seminars aimed at developing the next generation of financial professionals.
“State Street’s strategy is to meet our clients where they are going. We are committed to investing in the growth of our UAE business and expanding our presence in Abu Dhabi and the ADGM,”
said Ron O’Hanley, Chairman and CEO of State Street.
“Abu Dhabi, including Al Ain, is a strategic priority for State Street, and we believe our experience in global financial centres can support the emirate’s continued development as an important global financial hub.”
The initiative forms part of ADIO’s Fintech, Insurance, Digital and Alternative Assets (FIDA) cluster, designed to develop high-value financial capabilities and contribute to Abu Dhabi’s economic diversification agenda.
By 2045, the cluster is expected to contribute AED56 billion to the emirate’s GDP and draw AED17 billion in investment.
“State Street’s expansion into the Al Ain region reflects the type of long-term, capacity-building partnership that supports Abu Dhabi’s economic development agenda,”
said Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development and ADGM.
“This initiative advances priority sectors while embedding sustainable, high-value opportunities for national talent.”
State Street has operated in Abu Dhabi since 2018. The Al Ain centre marks a progression of its presence, supporting both talent development and the growth of local financial services.
The company also plans to upgrade its ADGM license to enhance local market infrastructure and expand access to global financial capabilities.
Featured image credit: Edited by Fintech News Middle East, based on image by yrmahim11 via Freepik
