PGIM opens new office in Abu Dhabi

The investment management arm of US insurer Prudential Financial PGIM has opened a new office in Abu Dhabi. This expansion comes as more financial firms establish a presence in the UAE capital to tap into its growing number of wealthy clients.

With $1.33 trillion in assets under management as of June 2024, PGIM has received a Financial Services Permission (FSP) to operate from Abu Dhabi Global Market, where it will cater to regional institutional and professional clients.

The UAE has attracted increased financial activity due to its economic rebound, political neutrality, advantageous time zones, and tax-free environment. Notable entities in Abu Dhabi include Ray Dalio’s family office and Brevan Howard, with banks like Goldman Sachs and Rothschild also expanding into the emirate.

ADGM reported a 31 per cent rise in company registrations and a 226 per cent increase in assets under management in the first half of 2024. PGIM, which has long served clients in the Middle East, considers Abu Dhabi a key market. The firm, with over 1,400 employees globally, has not disclosed its staffing plans for the new office.

Attribution: Reuters

Subediting: M. S. Salama