State Street to open new operational hub in Al Ain

Boston-based financial services and investment manager State Street is launching an operating center in Al Ain to cater to its growing roster of regional clients and offer training programs, according to a press release. The firm is teaming up with Abu Dhabi Investment Office on the move, set to form part of the emirate’s fintech, ins., and digital and alternative assets cluster. The center is expected to create 300 jobs over the coming four years, and comes as the firm is also looking to upgrade its ADGM license.

One move after another: State Street recently said it is rolling out a digital-asset platform to offer products for stablecoins, tokenized deposit services, ETFs, and moneymarkets — expanding its offerings as it looks to meet rising demand for digital assets on the back of the UAE’s favorable regulatory environment. The platform will work with institutional clients and money managers, in a pivot from offering back-office services to a more active role in the asset class.

The rationale: The UAE’s “almost unparalleled” investment in non-fossil fuel segments, combined with regulatory clarity on digital assets and blockchain, makes it an ideal destination for the firm to scale its digital platform, the company’s CEO Ronald O’Hanley told CNBC (watch, runtime: 6:02). The firm’s expansion is mirroring investor interest, with the move “reflect[ing] where the money wants to go,” he added.

Arab Energy Fund, Sofaz invest in Pal Cooling

The Arab Energy Fund and Azerbaijan’s sovereign wealth fund Sofaz are putting fresh capital behind Pal Cooling through a CVC-managed co-investment vehicle, they said in a joint statement without disclosing the terms of the transaction. The vehicle is investing alongside PE firm CVC DIF’s DIF VII fund, which acquired a 50% stake in Pal Cooling last year through a JV with Tabreed valuing the business at AED 3.8 bn.

Background: Pal Cooling operates eight long-dated district cooling concessions, with an average remaining life of 25 years and a customer base of more than 45k — making it a textbook infrastructure asset at a time when global and regional capital is clustering around energy-efficient contracted utilities.

Dubai ins. launches new digital wallet for crypto assets

Dubai Ins. rolls out bank-grade digital wallet for crypto: Dubai Ins. is rolling out the UAE ins. sector’s first digital wallet for crypto assets, allowing companies to collect premiums and settle claims using digital currencies, according to a DFM disclosure (pdf). The firm is partnering up with Emirates NBD-backed digital assets platform Zodia Custody on the move.

Adnic expands into India with Gift City branch

Abu Dhabi National Ins. Company (Adnic) is set to open a branch in India’s International Financial Services Centre (IFSC) in Gift City, Gujarat, as part of its international expansion plan, according to a press release. Adnic has already secured approval from the Central Bank of the UAE for the move, and is expecting to secure regulatory clearance on India’s side before the branch launches in late 2026. The opening will add to its existing offices in Saudi Arabia and the UK, as well as the Emirates.

India’s Adani drops another anchor in Dubai

Indian port operator Adani Ports and Special Economic Zone has set up a new Dubai subsidiary, incorporating AOP Marine and Logistics Services in the emirate, InvestyWise News reports. The move extends Adani’s maritime footprint in the Gulf, building on its 2024 acquisition of an 80% stake in Dubai-based offshore marine services firm Astro Offshore.

Under the hood: AOP Marine is a step-down subsidiary via Sunrise Worldwide Enterprise Limited — 80% owned by Adani Harbour International DMCC — with authorized share capital of AED 50k (50 shares at AED 1k). The entity has yet to commence operations, but its scope covers shipping agency services, ship management, customs brokerage, and logistics, pointing to an end-to-end marine and cargo platform anchored in Dubai.

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