State Street to open new operating centre in 2027 as Al Ain attracts global investment

US financial services firm State Street is set to open a new operating centre in Al Ain by the end of next year, creating 300 new jobs over three years. The company, one of the world's largest for institutional investors, first announced plans in January to create over 300 financial services jobs in the region following an agreement with the Abu Dhabi Investment Office.

State Street's head of Middle East and North Africa, Jack Keshishian, emphasized the company's long-term view of the region, highlighting the focus on technology, artificial intelligence, client services, and operations. The centre will support investors in Abu Dhabi and beyond. Al Ain has already attracted more than Dh128.5 billion ($34.99 billion) in non-oil investment in recent years, according to Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development.

He stressed that the value of investment is measured by the opportunities it creates for people and national talent. State Street's decision to expand to Al Ain was influenced by factors such as regulation, legal certainty, data availability, and a skilled workforce. The company is also upgrading its Abu Dhabi Global Market licence and collaborating with local universities to create career opportunities for graduates and interns.

Additionally, Abu Dhabi Commercial Bank plans to double its workforce in Al Ain, expanding services across various sectors, including manufacturing, food security, healthcare, aerospace, and advanced technology.