PGIM, the investment management arm of U.S. insurer Prudential Financial, has officially launched its new office in Abu Dhabi, marking a significant move as part of a broader trend of financial institutions flocking to the UAE capital. The expansion reflects a growing interest among global money managers in tapping into Abu Dhabi’s burgeoning pool of wealthy clients and investment opportunities.
With assets totaling $1.33 trillion as of June, PGIM has obtained a Financial Services Permission (FSP) to operate within the Abu Dhabi Global Market (ADGM). This strategic expansion will enable PGIM to cater to regional institutional and professional clients, positioning itself to capitalize on the UAE’s post-pandemic economic resurgence. The country’s neutral political stance, favorable time zones, and tax-free status have made it an increasingly attractive destination for asset managers, banks, hedge funds, and family offices seeking growth and stability.
Abu Dhabi, home to major state funds like ADIA, Mubadala, and ADQ, which collectively manage $1.54 trillion in assets, is rapidly becoming a hub for global financial institutions.
High-profile names such as Ray Dalio, founder of Bridgewater Associates, and Brevan Howard have recently established operations in the emirate. In addition, prestigious banks like Goldman Sachs and Rothschild, traditionally anchored in neighboring Dubai, are now expanding their presence with smaller offices in Abu Dhabi and Riyadh.
Recent data from ADGM highlights a dramatic increase in financial sector activity, with company registrations soaring by 31% in the first half of 2024 compared to the previous year. Assets under management in the region have surged by 226%, signaling robust growth. During this period, Morgan Stanley also received an FSP, reflecting the growing interest and investment in the UAE’s financial sector.
PGIM, which has long served clients in the Middle East, is marking its debut in the region with this new Abu Dhabi office. Mohammed Abdulmalek, PGIM’s Middle East head, emphasized the strategic importance of the UAE capital, stating, “Abu Dhabi remains a key market.” The firm, which boasts a global workforce of over 1,400 employees spread across 41 countries, has not yet disclosed specific staffing plans for its new Abu Dhabi office.
This latest development underscores Abu Dhabi’s evolving role as a pivotal center for global finance, attracting a diverse range of institutions and reinforcing its status as a leading destination for investment and financial services.
