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PGIM opens Abu Dhabi office, joining money managers' rush to UAE capital
VCCircle
·
10m ago
Medial
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.
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General Atlantic planning to open office in Abu Dhabi
VCCircle
·
10m ago
Medial
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.
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Dubai and Abu Dhabi race to lure world's wealth managers
VCCircle
·
9m ago
Medial
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.
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US' Golub Capital to set up base in Abu Dhabi
VCCircle
·
8m ago
Medial
US lender Golub Capital is set to open an office in Abu Dhabi, joining a growing list of firms looking to expand their business in the region and form ties with wealth funds. The company, which has more than $70bn of assets under management, has received preliminary approval for a licence to operate out of the Abu Dhabi Global Market centre. The move follows the decision by sovereign wealth funds to invest in the Middle East and the presence of an attractive regulatory environment.
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Singapore Real Estate Barons Plan Family Office in Abu Dhabi
Livemint
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8m ago
Medial
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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Lazard boosts UAE footprint with financial advisory office in Abu Dhabi
VCCircle
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3m ago
Medial
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.
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Gulf Capital marks second exit from its third private equity fund
VCCircle
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11m ago
Medial
Gulf Capital, a UAE-based private equity firm, has made a profitable exit from its investment in a top glass container manufacturer in the Middle East. The Abu Dhabi-based company, which manages billions of dollars in assets, plans to raise $800 million for its fourth private equity fund.
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Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses
Startup News FYI
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1y ago
Medial
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.
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UAE mein UPI karo: PM Modi launches UPI, Rupay services in Abu Dhabi
IndianStartupNews
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1y ago
Medial
Prime Minister Narendra Modi launched UPI (Unified Payments Interface) and RuPay services in Abu Dhabi, enabling easy money transfers between India and the UAE. This move is part of India's plan to extend its UPI payment system globally, following its successful adoption within the country. The UPI system has been widely used in India, especially during the COVID-19 pandemic. Various countries, including Sri Lanka, Mauritius, Bhutan, France, UAE, Oman, Singapore, and potentially Nepal, have already adopted or are planning to adopt UPI payments.
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Gulf deal-making spree also benefited Elon Musk and his family
Economic Times
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2m ago
Medial
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.
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Gulf Capital partially exits bolt-on acquisition after eight years
VCCircle
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11m ago
Medial
Gulf Capital, a UAE-based private equity firm, has partially exited one of its bolt-on acquisitions after eight years. This comes as the company's second exit in the same month. Gulf Capital liquidated its investment in Kuiper Australia, which is a subsidiary of its portfolio company, Kuiper Group. The firm manages over $2.4 billion in assets and is headquartered in Abu Dhabi.
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