State Street Corporation, one of the world's biggest investment managers, plans to create more than 300 jobs for a new operating centre in Al Ain, as it expands in Abu Dhabi.
The company, which had $5.7 trillion in assets under management at the end of last year, has signed an agreement with the Abu Dhabi Investment Office for the expansion, a joint statement on Wednesday read.
The Al Ain base will focus on technology, artificial intelligence, client services and operations, said State Street, which operates in more than 100 markets.
It will service Abu Dhabi and global investors, and "play an important role in State Street’s global network and servicing model as an operating hub in the UAE".
The company said the centre will help create 300 financial services roles over a four-year period, with opportunities for Emiratis and international professionals.
State Street will also collaborate with UAE universities for career development programmes and internship opportunities for graduates.
“We are committed to investing in the growth of our UAE business, and expanding our existing presence in Abu Dhabi and [financial centre] ADGM,” said Ron O’Hanley, chairman and chief executive of State Street.
"We believe our experience in global financial centres will support Abu Dhabi’s rapid growth into becoming an influential financial centre on the world stage."
State Street, which has offices in Abu Dhabi, Dubai, Muscat and Riyadh, services sovereign wealth funds, pension schemes, central banks and asset managers in the Middle East. The company has $841 billion of assets under management in the wider Europe, Middle East and Africa region.
State Street also said it is upgrading its ADGM licence to strengthen its local market infrastructure.
The ADGM has been increasingly attracting global lenders, as well as asset and wealth managers who are either setting up a base in the UAE, or investing to boost their presence in the country.
Last September, the ADGM said it was the region’s largest international financial centre by the market capitalisation of its registered entities. The total value of ADGM-based firms listed on the Abu Dhabi Securities Exchange surpassed Dh500 billion ($136 billion) by the end of the first half of 2025.
The renewed commitment from State Street "spotlights ADGM’s position as a leading global financial centre", said Ahmed Al Zaabi, chairman of Abu Dhabi Department of Economic Development and the ADGM.
