BOSTON & ABU DHABI, UNITED ARAB EMIRATES -- State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, has signed a support agreement with the Abu Dhabi Investment Office (ADIO) to establish a new operating center in the Al Ain region, Abu Dhabi. The collaboration marks a significant step in State Street’s long-term expansion strategy in the Middle East and UAE and reinforces its role as a strategic partner within the Abu Dhabi Global Market (ADGM) ecosystem.

As part of its long-term growth plan in Abu Dhabi and aligning to State Street’s global clients’ increasing presence in Abu Dhabi, the new operating hub will create more than 300 financial services roles over the next four years, providing meaningful career pathways for local Emirati talent. In addition, State Street will collaborate with local universities to create career and internship opportunities for graduates, as well as organize training and seminars to help develop the next generation of local young talent, aligning with Abu Dhabi’s priority to build a knowledge-based, globally competitive workforce.

“State Street’s 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,” said Ron O’Hanley, Chairman and CEO of State Street. “Abu Dhabi, including Al Ain, 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. The combination of strong local talent and our global expertise positions State Street as a trusted partner to both local and international institutions.”

This collaboration also forms part of ADIO’s FinTech, Insurance, Digital and Alternative Assets (FIDA) cluster, a platform to develop high-value, exportable financial capabilities and create a future-facing financial services ecosystem. By 2045, the cluster is projected to contribute an additional AED56 billion to Abu Dhabi’s gross domestic product (GDP) and attract at least AED17 billion in investment, aligned with the emirate’s wider economic diversification agenda.

“State Street’s expansion into the 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. We welcome this partnership and value State Street’s contribution to creating high-quality employment opportunities for UAE nationals, nurturing talent development in the Al Ain region, and upskilling future leaders for the financial sector,” said H.E. Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development and Abu Dhabi Global Market.

“By anchoring investment, developing specialised financial talent and strengthening institutional capability, this initiative advances priority sectors while embedding sustainable, high-value opportunities for national talent across Abu Dhabi. As we continue to expand strategic partnerships, we remain focused on equipping UAE talent with the skills and pathways needed to support economic diversification and accelerate Abu Dhabi’s transition towards a more resilient, knowledge-based economy,” H.E. Al Zaabi added.

State Street has been active in Abu Dhabi since 2018 through its presence in ADGM, where it continues to serve institutional clients across the region. The launch of the Al Ain region operating center represents a natural progression of this commitment, broadening its contribution to Abu Dhabi’s financial services landscape and talent development agenda.

The agreement reflects the shared ambition between ADIO and State Street to co-create a robust, globally competitive financial environment, one that nurtures talent, accelerates innovation and reinforces the UAE’s standing as a destination for long-term investment and strategic growth.

In addition to its collaboration with ADIO and role as a trusted strategic partner to Abu Dhabi, State Street intends to upgrade its ADGM licence. This enhancement would enable the firm to further strengthen local market infrastructure, introduce leading global capabilities, and expand global access to position ADGM as on its “Path to Forward” as a premier international financial center.