Goldman Sachs is set to open an office in Abu Dhabi Global Market as part of plans to expand in the Middle East and North Africa.

The office is awaiting final regulatory approval, according to media reports.

The Abu Dhabi office will be Goldman Sachs' first in the emirate and the second in UAE after the Dubai International Financial Centre (DIFC).

Goldman Sachs already has an office in the Dubai International Financial Centre.

"The new office will complement the firm's growing regional presence alongside our offices in Dubai, Doha and Riyadh, allowing us to deepen relationships with clients and meet them where they are," according to an internal memo seen by The National.

"We continue to see tremendous opportunities in the Middle East and remain committed to enhancing our presence and capabilities to serve the increasingly sophisticated and diverse client base in the region," the memo said.

On 8 May, the ADGM said Abu Dhabi is set to become one of the world's largest International Financial Districts following the issuance of UAE Cabinet Resolution No. 41 for 2023 to expand the jurisdiction of Abu Dhabi Global Market (ADGM) the international financial centre of the capital city of the United Arab Emirates, as part of its economic vision, which lists its thriving financial sector as one of the key focus areas for its diversification strategy. 

It also underlined ADGM's Growth Strategy 2023-2027, which aims to grow the financial sector of Abu Dhabi and position it as a leading global city with the sector becoming a key contributor to its GDP.

With the addition of Al Reem Island increasing the combined geographic area of ADGM to nearly 1438 hectares (~14377774.9 sqm), the ADGM financial district will be ten times greater than its current footprint.

The resolution expands ADGM's jurisdiction as a Financial Free Zone to Al Reem Island, adjacent to its current home of Al Maryah Island, following increased demand from a wide range of international companies choosing Abu Dhabi as a preferred destination to expand and grow their businesses globally. By being based within the financial free zone's jurisdiction, a qualifying business entity can benefit from the preferential corporate tax rate of 0% on their qualifying income.

Ahmed Jasim Al Zaabi, chairman of Abu Dhabi department of economic development and ADGM said: "In line with the wise leadership vision to build our diversified future economy and the financial industry at its core, global financial institutions, family offices, entrepreneurs and leading fintech talent continue to choose ADGM as the location from which they access a deep pool of capital and a wide range of investment opportunities that are available in Abu Dhabi."

He continued: "Al Maryah Island is a thriving international financial centre, with occupancy already over 95% and a strong pipeline of international companies wanting to expand or establish their footprint here. We have prioritised our ongoing efforts to continue to grow towards accommodating this ever-increasing demand. Al Maryah's larger next-door neighbour, Al Reem Island, also presents an abundance of opportunities with access to a wide range of office spaces and world-class residential, educational, medical and lifestyle facilities.

"Together, as ADGM, Al Maryah and Al Reem Islands will be one of the most attractive places to live and work across financial centres worldwide."

"This expansion provides us with a unique opportunity for Abu Dhabi to reinforce its position as a world-leading international financial centre and a global destination of choice. Combining our common law jurisdiction and pioneering regulatory framework across these two islands will unlock even greater economic opportunities. We look forward to engaging with all our strategic partners and stakeholders on how we can work together to realise this great ambition.", he added.

In eight years, ADGM has grown to support 1,400 operating entities, 5,500 business licences and a workforce of 11,000 people in ADGM Square. Last year, ADGM achieved a record increase of 56% in Assets Under Management and a 30% increase in active licences.