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.
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- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
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The Emirates Charity Portal
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Al Noor Special Needs Centre
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Beit Al Khair Society
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
