In a new step to boost Abu Dhabi‘s economy, an agreement has been signed aimed at adding 56 billion dirhams to the GDP by 2045. This agreement between the Abu Dhabi Investment Office and State Street contributes to the development of the financial sector and enhances the emirate’s role as an attractive investment hub.
Abu Dhabi – Hazzaa bin Zayed Al Nahyan, representative of the ruler in the Al Ain region, witnessed the signing of an agreement between the Abu Dhabi Investment Office and State Street to establish a new operations center for the company in the region.
The meeting took place on the sidelines of the agreement signing with Ron O’Hanley, Chairman and CEO of State Street, where ways to enhance cooperation in financial and investment services were discussed, supporting the company’s expansion to bolster Al Ain’s status as an attractive center for quality investments and economic opportunities, according to the Emirates News Agency (WAM) on Tuesday.
Attending the agreement were Ahmed Jasim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, and Badr Saleem Sultan Al-Olama, Director General of the Abu Dhabi Investment Office, who signed the agreement on behalf of the office, while Ron O’Hanley signed on behalf of State Street.
The agreement will create over 300 jobs in the financial services sector over the next four years, along with training opportunities and collaboration with local universities to develop the skills of Emirati talent, as part of the Financial, Insurance, and Digital Assets Technology Hub (FIDA) affiliated with the Abu Dhabi Investment Office.
Expected Impact on the Local Economy
The hub aims to develop a comprehensive financial ecosystem, contributing to adding 56 billion dirhams to Abu Dhabi’s GDP by 2045 and attracting investments of around 17 billion dirhams, which enhances efforts for economic diversification.
Importance of Future Investment
Hazzaa bin Zayed Al Nahyan emphasized the importance of attracting quality investments and building strategic partnerships to support economic development, create valuable job opportunities for Emirati competencies, and empower national talent, thereby enhancing the competitiveness of the emirate and the Al Ain region.
Confidence of Global Investors
For his part, Ahmed Al Zaabi explained that State Street’s expansion in Al Ain reflects the confidence of global investors in Abu Dhabi’s business ecosystem, while Ron O’Hanley reaffirmed the company’s commitment to expanding its presence in the emirate and enhancing its status as a global center for financial and investment services.
It is worth noting that State Street established its presence in Abu Dhabi in 2018 through Abu Dhabi Global Market (ADGM), and the establishment of the new operations center is a continuation of its commitment to supporting the development of the sector and empowering talent.