IQ-EQ today (2 November) announced the establishment of operations in Abu Dhabi, United Arab Emirates (UAE), including a licence to offer fund administration services.
In a statement, the global investor services group and Astorg portfolio company said this marked the next step in the strategic expansion of IQ-EQ's footprint and service offering in the Middle East.
The opening of an Abu Dhabi office follows the Group's launch in Dubai earlier this year, which gave IQ-EQ its first physical presence in the Middle East, building upon its long-established support for clients in the region.
The new office is centrally located in Abu Dhabi Global Market (ADGM), a leading international financial centre in the heart of the UAE's capital.
In addition to expanding IQ-EQ's UAE footprint geographically, this office enhances the firm's local servicing capabilities. Following receipt of the relevant regulatory approvals, IQ-EQ is licensed to deliver fund administration services in the ADGM, adding to its existing service offering supporting UAE clients with their local and international structuring requirements.
Group chief executive officer of IQ-EQ, Mark Pesco, said: "Abu Dhabi has become a leading financial centre for innovation, attracting multinational corporations, investment banks, private equity firms, venture capitalists, as well as a wide range of professional service providers.
"We've been receiving numerous enquiries for ADGM services across our various offices so establishing a comprehensive offering in this important hub presents a significant commercial opportunity for IQ-EQ, allowing us to meet our clients' needs and provide an even more complete global solution with full connectivity across the world's key regions. Our ambition, now, is to continue growing our presence in the UAE and across the Middle East, cementing IQ-EQ as a leading investor services provider within the GCC market."
Senior executive officer Tariq Nakhooda, who heads up IQ-EQ UAE, added: "Our new Abu Dhabi office, complete with fund administration licence and top talent ‘on the ground', presents an exciting opportunity to service the UAE's asset management and investment community.
"Abu Dhabi is home to some of the world's largest sovereign wealth funds with over $1.5 trillion in institutional capital, and last year saw an incredible 56% uplift in assets under management. The ADGM represents a powerful connecting platform for international investment and we're very proud to be part of its thriving community. Working closely with our local, regional and global teams, I'm confident we'll be a significant contributor to the ADGM ecosystem."
Salem Mohammed Al Darei, CEO of ADGM Authority said: "We are delighted to welcome IQ-EQ to our robust and vibrant financial community. The establishment of IQ-EQ's operations in Abu Dhabi represents a significant milestone in their strategic expansion across the Middle East.
"This addition to the ADGM community underscores Abu Dhabi's role as a leading financial centre for innovation, attracting a diverse range of financial institutions, investors and professional service providers.
"Their presence will also contribute to the growth of Abu Dhabi's asset management and investment community, serving as a valuable addition to our dynamic ecosystem. We are delighted to witness IQ-EQ's commitment to providing comprehensive services within the GCC market and look forward to them achieving successes in the years to come."
