Global investment bank Goldman Sachs is set to open an office in Abu Dhabi as part of plans to expand in the Middle East and North Africa.
The office, which will be located in the Abu Dhabi Global Market, is awaiting final regulatory approval.
The Abu Dhabi office will be Goldman Sachs' first in the capital and the second in UAE after the Dubai International Financial Centre (DIFC).
“The new office will complement the firm’s growing regional presence alongside our offices in Dubai, Doha and Riyadh, allowing us to deepen relationships with clients and meet them where they are,” according to an internal memo seen by The National.
“We continue to see tremendous opportunities in the Middle East and remain committed to enhancing our presence and capabilities to serve the increasingly sophisticated and diverse client base in the region,” the memo said.
The announcement comes after the ADGM announced plans last week to expand its size tenfold to support the growing size of its financial sector.
As part of a new Cabinet resolution, Reem Island will be added to its jurisdiction as a financial free zone, which already includes Al Maryah Island, increasing the district's combined geographic area to about 1,438 hectares, the ADGM said.
The move will make it one of the world’s largest international financial districts.
The ADGM, which has 1,400 operating entities and a workforce of 11,000 people, grew its assets under management by 56 per cent last year, with total active licences up by 30 per cent annually to 5,546.
The UAE has been seeking to attract more businesses as part of its economic diversification strategy and has announced several measures, including the expansion of the 10-year golden visa programme and free trade agreements with different countries to increase foreign investment.
In April, Ray Dalio, the billionaire founder of Bridgewater Associates, the world's largest hedge fund, also said he was establishing a branch of his family office at the ADGM, as part of his expansion in the Middle East.
Goldman Sachs has been bullish on the Middle East market, especially the UAE, driven by its growing private wealth and a surge in initial public offerings, as well as mergers and acquisitions, despite the global economic slowdown.
The investment bank was one of the joint global co-ordinators and financial advisers for a number of IPOs in the UAE last year, including listings by Americana, Salik, Tecom and Dewa.
Last year, the number of M&As in the Mena region rose 13 per cent on an annual basis to 754 transactions, with the UAE topping M&A activity in the region, according to EY.
The region's “unprecedented” M&A activity came on the back of improved market conditions from higher oil prices, investor-friendly reforms and governments easing Covid-related travel restrictions, it said.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MEYDAN RESULTS
6.30pm Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).
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Winner Galaxy Road, Antonio Fresu, Musabah Al Muhairi.
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Winner Al Modayar, Fernando Jara, Ali Rashid Al Raihe.
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Winner George Villiers, Tadhg O’Shea, Satish Seemar.
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Director: James Cameron
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Rating: 4.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
