Man Group and Capital Group join growing list of asset managers setting up shop in UAE despite Gulf conflict

ADGM is on a tear this week, pushing out a string of announcements about high-profile financial services players opting to set up shop in the financial services hub despite the overhang from the war in the region.

#1- US-based, privately-held PE player Capital Group is the headline here. The USD 3.3 tnUS asset manager will make ADGM its first Middle East office and relocate Benno Klingenberg-Timm to head investment, ops, and client functions later this year.

It’s a big endorsement of the UAE’s continued attractiveness to global capital. “We take a long-term and deliberate approach to building our global footprint, and we move only when we have high conviction… Establishing a presence in Abu Dhabi demonstrates our commitment to being closer to our business partners across the Middle East as well as our intent to explore further investments in this dynamic region,” CEO Mike Gitlin said.

#2- Man Group, the world’s largest publicly-traded hedge fund, is also setting up shop in ADGM. The London-listed alternative asset manager has already been active in the UAE, working with ADGM and partnering with local investors, ADGM said in a statement (pdf). The USD 228.7 bn fund has already filed an application for a Category 3A licence.

The move has been in the works since last year — and the announcement that it’s still happening two months since the war started is testament for the long-term health of the UAE’s safe haven pitch. “Abu Dhabi has established itself as a dynamic and important global financial centre with a strong focus on innovation and AI, which aligns well with our business,” a company spokesperson told Bloomberg back in December.

Man Group is playing boomerang here. It left DIFC in 2016 for London after a nine-year run. It’s back in the UAE, but in Abu Dhabi, not Dubai, driven in part by its growing focus on AI and tech investments.

IN CONTEXT- The two are just the latest to set up shop in ADGM since the conflict broke out, following in the footsteps of Rokos Capital Management, Bain Capital, and Hillhouse. And last week, Citadelconfirmed it’s heading to DIFC.

Indian players also have appetite for the UAE

India’s largest digital ins. player, Policybazaar, is doubling down on the UAE, brushing off short-term volatility from the regional conflict to focus on strengthening its product offerings and post-sales experience in the emirates. “[The UAE] remains our primary focus. We’ve invested significantly, but there’s still considerable headroom, especially in product depth, technology, and accessibility,” CEO of Policybazaar UAE Neeraj Gupta tells EnterpriseAM.

Building a corridor product: While the UAE business initially mirrored Policybazaar’s India model, it is increasingly evolving into a cross-border proposition. Motor, health, and life ins. remain the company’s core lines in the UAE. Health and motor contribute the bulk of revenues, while life ins. is the fastest-growing segment. “The Indian diaspora is a natural starting point. They are a large demographic and already aware of our brand,” Gupta tells us, adding that the company is now seeing an uptick in traction from other nationalities, including Arab and European expats. This diaspora demand is reflected in product design, with offerings tailored to cross-border mobility, including health ins. plans that provide continuity and portability back to India.

“Expansion beyond the UAE will come when we see the right [opening],” Gupta said. The UAE business has been consistently profitable and grew 64% y-o-y in 2Q FY 2026 (July-September). The approach indicates confidence in the region even as global firms continue to reassess exposure amid geopolitical risks.