ADIA to set up office in Abu Dhabi Global Market

The Abu Dhabi Investment Authority (ADIA) will open an office in the Abu Dhabi Global Market (ADGM), the international financial centre located on Al Maryah island in Abu Dhabi.

The announcement has been welcomed by the ADGM as an endorsement of its ambition to become a leading international financial hub and a major contributor to Abu Dhabi’s GDP by 2030.

“We are delighted to welcome [AIDA] to ADGM and look forward to welcoming other new partners from local, regional and global jurisdictions as we continue to build our platform,” said Ahmed Al Sayegh, ADGM chairman.

ADIA’s managing director, Sheikh Hamed bin Zayed Al Nahyan, said the authority “looks forward to contributing to the centre’s continued development”.

The planned office opening comes after speculation that AIDA would bid for a 21% stake in UK-based pension firm Pension Insurance Corporation (PIC), which is associated with the pension liabilities of music publisher EMI and advertising firm WPP.

©2018 funds global mena

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