US financial services company State Street plans to open its Al Ain operating centre by the end of next year and hire 300 people over three years as it expands its presence in Abu Dhabi.
The company first announced plans for the centre in January, when it said more than 300 financial services jobs would be created over four years following an agreement with the Abu Dhabi Investment Office.
Speaking at the first Al Ain Future Business Forum on Wednesday, Jack Keshishian, State Street’s head of Middle East and North Africa, said the company was taking a long-term view of the region.
“We're opening up our operating centre starting end of next year,” he said. “We are going to hire 300 employees over three years because talent is one of the key investments for us.”
The centre will focus on technology, artificial intelligence, client services and operations, supporting investors in Abu Dhabi and elsewhere.
State Street, one of the world’s largest financial services groups for institutional investors, has had a presence in Abu Dhabi since 2018 and has operated in the UAE since the 1990s.
Dh128bn invested in Al Ain
Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said Al Ain had attracted more than Dh128.5 billion ($34.99 billion) in non-oil investment in recent years.
“Al Ain has always been an integral part of Abu Dhabi's story through its people, identity and contributions to the nation's journey,” he told the forum. “Today, Al Ain's role is taking shape within a broader economic ambition for the Emirate of Abu Dhabi.”
The Dh128.5 billion figure includes investment in sectors such as transport, energy and manufacturing. Abu Dhabi authorities have previously said the region has strengths in agriculture, higher education, tourism and advanced manufacturing.
Mr Al Zaabi said investment should also be measured by the opportunities it creates for people living in Al Ain. “But the value of investment is not measured by its size alone,” he said. “It is measured by the opportunities it creates for the people of Al Ain and the broader horizons it opens for our national talent to pursue their ambitions.”
He said the government was also working to make it easier for entrepreneurs and small and medium-sized businesses to establish and expand in the region.
“The ease of starting and doing business is not simply a matter of procedural efficiency,” he said. “It is an economic capability and a competitive advantage.”
Looking to the future
Mr Keshishian said State Street considered factors including regulation, legal certainty, data and the availability of skilled workers before choosing Al Ain for its expansion.
“There is a clear regulatory framework, legal certainty, transparency, reliable data and then the most important thing – there is a pool of talent over here that they can benefit from,” he said.
State Street is also in the process of upgrading its Abu Dhabi Global Market licence as it expands the services it can provide locally. It is also working with universities to create opportunities for graduates and interns in Al Ain.
“We view the region as a growth region for us,” he said. “We are seeing more and more global clients coming and establishing their presence over here.”
He said developing specialist talent in Al Ain would also help attract more investment.
“We are working very closely with the universities so that we can create career opportunities, whether for graduates or internships,” he said. “This is a long-term strategic decision to expand through Abu Dhabi, through Al Ain and throughout the region.”
More jobs planned
Abu Dhabi Commercial Bank is also planning to expand its workforce and services in Al Ain.
Abdulla Al Shamsi, group chief business officer at ADCB, said the bank wanted to double the number of employees it had in the region without giving a figure for the number of additional roles.
“We are growing and looking actually to double the amount of employees that we have within Al Ain across all factors of banking,” he said.
Mr Al Shamsi said the bank also expected to expand its physical presence and increase services for companies of different sizes.
“We'll see a lot more activity within the corporate space, whether they be small or medium-sized enterprises, midsized enterprises, large companies as well, all being offered here on the ground,” he said.
He said manufacturing, food security, healthcare, aerospace and advanced technology were among the areas creating opportunities in Al Ain.
ADCB was seeing demand from businesses seeking finance to expand, he added.
The Al Ain Future Business Forum is being held at Adnec Al Ain on September 23 and 24 under the patronage of Sheikh Hazza bin Zayed, Deputy Ruler of Abu Dhabi and Ruler's Representative in Al Ain Region.
