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Lazard boosts UAE footprint with financial advisory office in Abu Dhabi

VCCircle

VCCircle · 4m ago

Lazard boosts UAE footprint with financial advisory office in Abu Dhabi

Lazard is expanding its presence in the United Arab Emirates by opening a financial advisory office in Abu Dhabi, which will function as its main advisory hub. The move aligns with the strategic importance and growth opportunities within the UAE. Hussain Altajir, formerly of HSBC, has been appointed CEO of Lazard Financial Advisory in the UAE. This expansion follows a trend of global banks establishing bases in the region to connect with wealthy and institutional investors.

Related News

PGIM opens Abu Dhabi office, joining money managers' rush to UAE capital

VCCircle

VCCircle · 11m ago

PGIM opens Abu Dhabi office, joining money managers' rush to UAE capital

PGIM, the investment management arm of Prudential Financial, has opened an office in Abu Dhabi to tap into the growing pool of wealthy clients in the UAE capital. With $1.33 trillion in assets under management, PGIM will target regional institutional and professional clients. The move follows a trend of asset managers, banks, hedge funds, and family offices increasing their presence in the UAE due to the country's post-pandemic rebound, convenient time zones, and tax-free status. Abu Dhabi has become an attractive location for financial firms, including those traditionally based in Dubai, such as Goldman Sachs and Rothschild.

General Atlantic planning to open office in Abu Dhabi

VCCircle

VCCircle · 11m ago

General Atlantic planning to open office in Abu Dhabi

General Atlantic, a New York-based private equity firm, plans to open an office in Abu Dhabi by the end of the year, according to sources. The firm has received preliminary approval for a license to operate in the Abu Dhabi Global Market. The final approval is expected to be granted by the end of 2024. General Atlantic's move follows other asset managers and hedge funds that have set up in the UAE capital's financial centre, attracted by opportunities to deepen relationships with sovereign wealth funds. General Atlantic is being supported by asset manager Mubadala Capital.

Dubai and Abu Dhabi race to lure world's wealth managers

VCCircle

VCCircle · 10m ago

Dubai and Abu Dhabi race to lure world's wealth managers

Abu Dhabi is making a name for itself as a desirable location for wealthy individuals and asset managers, rivaling Dubai as a leading financial center in the United Arab Emirates (UAE). While Dubai has traditionally been the region's financial hub, Abu Dhabi is actively diversifying its economy and leveraging its significant oil wealth to attract non-oil industries and investment. This shift has led to an influx of money managers and hedge funds, as well as major asset management firms setting up operations in Abu Dhabi. The city's regulatory environment and its ambition to become a global center for the crypto industry are also drawing investors. However, Dubai still maintains an advantage with its long-established international finance industry, vibrant entertainment scene, and iconic landmarks.

Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses

Startup News FYI

Startup News FYI · 1y ago

Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses

The Department of Municipalities and Transport (DMT) in Abu Dhabi has introduced free Wi-Fi at various public locations, including parks, beaches and buses. This initiative is part of Abu Dhabi's smart city development plan and aims to enhance its digital infrastructure. The service is being offered in collaboration with UAE service providers and allows for connectivity across different areas in Abu Dhabi. The move aligns with Abu Dhabi's commitment to innovation, inclusivity and sustainability as it strives to become a leading smart city.

Gulf deal-making spree also benefited Elon Musk and his family

Economic Times

Economic Times · 3m ago

Gulf deal-making spree also benefited Elon Musk and his family

Elon Musk's visit to the Persian Gulf with President Trump led to lucrative deals for Musk and his companies. SpaceX secured approval to provide Starlink satellite internet in Saudi Arabia, while Neuralink announced a clinical trial in Abu Dhabi. Musk's businesses have strong ties with Gulf region investments. His family's involvement includes Elon’s brother, Kimbal, who organized drone shows in Abu Dhabi, and his father, Errol, planning a Musk Tower with a UAE firm.

Germany's Aquila Group to open Middle East office in Abu Dhabi

VCCircle

VCCircle · 4m ago

Germany's Aquila Group to open Middle East office in Abu Dhabi

Hamburg-based Aquila Group is expanding to the Middle East by opening an office in Abu Dhabi, targeting growth opportunities in the Gulf region. The newly formed Aquila Capital Middle East will focus on investments in data centers and renewable energy projects. With 15.4 billion euros in assets, the firm highlights Abu Dhabi's growth prospects. They have preliminary approval from Abu Dhabi's financial center, ADGM, and await final clearance. The region's appeal draws global firms to ADGM.

NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions

Economic Times

Economic Times · 1y ago

NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions

NPCI International Payments Ltd is set to sign an agreement with Al Etihad Payments in Abu Dhabi to enable cross-border transactions. The memorandum of understanding aims to develop the UAE's domestic card scheme based on India's RuPay debit and credit card stack. The agreement will be signed in the presence of India's commerce and industry minister, Piyush Goyal, during his visit to Abu Dhabi, where he will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments.

100Unicorns targets $200M fund as it eyes MENA investment opportunities

YourStory

YourStory · 8m ago

100Unicorns targets $200M fund as it eyes MENA investment opportunities

Early-stage VC fund 100Unicorns has opened its first international office in Abu Dhabi. The office will act as a gateway to the MENA region, creating a curated cross-border corridor between India and the UAE for startup investments. The fund, formerly known as 9Unicorns, aims to develop 100 high-potential startups into billion-dollar companies within a decade. Since its launch in 2020, it has funded 145 startups, including Shiprocket and Zypp Electric, and helped six reach valuations over $200m and 30 exceed $50m in three years.

OpenAI teams up with Cisco, Oracle to build UAE data center | TechCrunch

TechCrunch · 3m ago

OpenAI teams up with Cisco, Oracle to build UAE data center | TechCrunch

OpenAI has announced the expansion of its Stargate data center project to Abu Dhabi, UAE, with the launch of a 1GW data center cluster, Stargate UAE. Slated to go live in 2026, this initiative involves collaboration with partners like G42, Oracle, Nvidia, Cisco, and SoftBank. This marks the first venture under OpenAI's "OpenAI for Countries" initiative, aiming to build sovereign AI capabilities in alignment with the U.S. OpenAI’s technology, including ChatGPT, will be accessible nationwide in the UAE.

Singapore Real Estate Barons Plan Family Office in Abu Dhabi

Livemint

Livemint · 8m ago

Singapore Real Estate Barons Plan Family Office in Abu Dhabi

The father and son duo behind a major Singapore property portfolio, Raj Kumar and Kishin RK, are establishing a family office in Abu Dhabi, joining a growing number of wealthy individuals who are turning to the Middle East as a hub for their wealth management. The entity, named RB Family Office, will focus on real estate investments in the retail, commercial, and hospitality sectors. Abu Dhabi offers attractive advantages such as an internationally recognized legal framework and less bureaucratic red tape compared to other jurisdictions.

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