Credit Giants Expand in UAE, Plan Growth Across GCC
The United Arab Emirates (UAE) is attracting top private credit giants, reshaping the region’s financial sector. Global firms like Nuveen and Fortress Investment Group are strengthening their presence in the UAE, aiming to expand into other Gulf Cooperation Council (GCC) countries.
Nuveen Expands into the Middle East
In September 2024, Nuveen, a major asset manager overseeing $1.2 trillion, set up its first Middle East office in Abu Dhabi Global Market (ADGM). It became the second trillion-dollar firm to open in Abu Dhabi that month.
Nuveen appointed Fadi Khoury as Managing Director and Head of the Middle East. He stated that this move would enhance client service and create opportunities in the region. The firm is eager to capitalize on the UAE’s growing financial sector and strengthen its foothold in the Middle East.
Fortress Investment Partners with Mubadala
Fortress Investment Group is also expanding its UAE presence by teaming up with Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company. In May 2024, Mubadala Capital, a subsidiary of Mubadala, joined Fortress management to acquire the firm.
The deal gave the consortium a 68% equity stake in Fortress. Mubadala Capital’s CEO, Hani Barhoush, played a crucial role in the acquisition. This partnership is expected to double Fortress’s assets under management to $100 billion. The firm is also planning to enter private wealth and insurance markets, creating new investment opportunities.
Stay up to date with the latest news. Follow MET on Instagram.
Abu Dhabi’s Financial Hub on the Rise
Abu Dhabi Global Market (ADGM) is experiencing rapid growth as more financial firms set up operations in the city. By the end of the third quarter, assets under management soared by 215%.
ADGM issued 759 new business licenses in three months, a 33% rise from the previous year. The total number of firms in ADGM reached 2,251, up 31% annually. Leading asset managers like PGIM and Nuveen have also established offices, reinforcing Abu Dhabi as a financial powerhouse.
Next Steps: Expanding Across GCC
With strong roots in the UAE, credit giants are now eyeing the broader GCC market. The region’s economic diversification and sovereign wealth funds offer lucrative investment prospects. As these firms grow, they will deploy more capital and expertise across the GCC, driving financial expansion and collaboration.
Also read:
Free Zones in Dubai: New Agreements to Improve Traffic and Roads
AIQ Secures $340M Contract for Agentic AI in ADNOC