ABU DHABI (ALETIHAD)

His Highness Sheikh Hazza bin Zayed Al Nahyan, Ruler’s Representative in Al Ain Region, has witnessed the signing of an agreement between Abu Dhabi Investment Office (ADIO) and global financial services leader State Street Corporation to establish a new operations centre in Al Ain Region.

On the sidelines of the signing ceremony, His Highness met Ron O’Hanley, Chairman and CEO of State Street, a company listed on the New York Stock Exchange, and discussed ways to strengthen cooperation and partnership in financial and investment services, supporting the company’s expansion in Al Ain Region and enhancing the region’s appeal as a global hub for high-value investments and economic opportunities.

The meeting and signing ceremony were also attended by Sheikh Mohammed bin Hamdan bin Zayed Al Nahyan; Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED) and Chairman of ADGM; and Badr Salim Al Olama, Director-General of ADIO.

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The agreement, signed by Badr Salim Al Olama on behalf of ADIO, and Ron O’Hanley on behalf of State Street, marks a significant step in the company’s long-term strategy for further UAE and regional expansion, reinforcing its role as a strategic partner within the ADGM ecosystem.

The new operations centre will create more than 300 financial services roles over the next four years, providing meaningful career pathways for Emirati talent and professionals in Al Ain Region.

Meanwhile, State Street will also collaborate with local universities to develop career and internship opportunities, alongside training initiatives and seminars aimed at nurturing the next generation of local talents, aligning with Abu Dhabi’s vision to build a knowledge-based, globally competitive workforce.

This collaboration forms part of ADIO’s FinTech, Insurance, Digital and Alternative Assets (FIDA) cluster, a platform designed to develop high-value, exportable financial capabilities and support a future-ready financial services ecosystem.

By 2045, the cluster is projected to contribute an additional Dh56 billion to Abu Dhabi’s gross domestic product (GDP), and attract at least Dh17 billion in investment, supporting the emirate’s wider economic diversification agenda.

His Highness Sheikh Hazza bin Zayed Al Nahyan affirmed that attracting high-value investments and forging strategic partnerships with leading global economic and financial institutions are central to advancing Abu Dhabi’s economic development. His Highness highlighted the importance of directing such investments to support sustainable economic growth, create high-quality job opportunities for Emirati talent, empower national cadres, and enhance the competitiveness of the emirate of Abu Dhabi and Al Ain Region in these vital sectors at both regional and global levels.

Ahmed Jasim Al Zaabi, said: “State Street’s expansion into Al Ain Region reflects the type of long-term, capacity-building partnership that supports Abu Dhabi’s economic development agenda across the emirate, aligned with the priorities of the Falcon Economy.”

State Street CEO and Chairman Ron O’Hanley, said: “Our strategy is to meet our clients where they are going. We are committed to investing in the growth of our UAE business and expanding our presence in Abu Dhabi and the ADGM. Abu Dhabi, including Al Ain Region, is a strategic priority for State Street, and we believe our experience in global financial centres can support the emirate’s continued development as an important global financial hub.”

State Street Corporation has been active in Abu Dhabi since 2018 through ADGM, serving institutional clients across the region.