Aberdeen Asset Management has announced the opening of a new office in Abu Dhabi, the capital of the United Arab Emirates.
Aberdeen, which manages global assets of more than $400 billion, said it chose to establish its regional hub and first presence in the Middle East region in Abu Dhabi Global Market (ADGM), the international finance centre of Abu Dhabi, on Al Maryah Island.
Aberdeen said it is the first international asset manager registered with ADGM and that the opening is a natural next step given Aberdeen’s significant client base in the region.
Aberdeen said it has the expertise and experience to manage multi-asset products and Sharia-compliant portfolios.
It said demand in the MENA (Middle East & North Africa) region is expected to be highest for Aberdeen’s direct property, Islamic equities, multi asset income, Indian bonds and emerging market debt products.
The opening sees Andrew Paul appointed senior executive officer, Aberdeen Asset Management Middle East Limited, alongside Lucy Draper, senior business development manager.
Aberdeen CEO Martin Gilbert said: “The Middle East has been an important market for Aberdeen for many years and the establishment of a local office is the natural next step for us.
“We already enjoy a good relationship with a number of clients in the region and we believe the economic fundamentals of the region will create opportunities for asset managers over the coming years.
“We are strong believers in the value of having people on the ground in the markets in which our clients are based.”
HE Ahmed Al Sayegh, chairman of Abu Dhabi Global Market, said: “Aberdeen’s presence is a strong vote of confidence for ADGM as well as highlighting the importance and growth of this region.
“Abu Dhabi has been a strategic link and important access for global investors seeking growth opportunities in the region.
“Our strategic location, world-class business infrastructure, air and telecommunication connectivity have anchored Abu Dhabi as an attractive trading and financial hub.
“We serve as a major centre for activities in global investment banking, asset management, securities, foreign exchange, wealth management and others.”