Abu Dhabi Financial Group moves to Al Maryah
Abu Dhabi Financial Group, the alternative investment company with about US$6 billion in assets, has set up new headquarters in Abu Dhabi Global Market, the emirate’s financial free zone on Al Maryah Island, as part of expansion plans, it said yesterday.
“ADGM offers us a strategic location and the certainty of a professional environment benchmarked against globally recognised standards,” said Jassim Alseddiqi, chief executive of ADFG.
Investment companies in the Arabian Gulf are looking at consolidations and acquisitions to diversify their activities at present.
ADFG, which has interests in financial services ranging from Islamic banking to equities fund management, has embarked upon a growth strategy after doubling its revenue in 2016 compared to 2015.
The company is the majority stakeholder in Dubai investment bank Shuaa Capital, the biggest investor in Bahraini Islamic investment group GFH, and the second-largest shareholder in Abu Dhabi’s Eshraq Properties.
ADFG said last March it was planning further acquisitions in the Arabian Gulf to grow its portfolio.
Adcorp, its new $100 million Islamic investment bank, was incorporated in ADFG in November 2016; ADFG also plans to launch a Sharia-compliant real estate investment trust, Etihad Reit, in the first half of this year pending regulatory approvals, after delaying its launch from 2017.