PGIM, the global investment management business of Prudential Financial, has opened a new office in Abu Dhabi’s financial district. The firm has received a Financial Services Permission (FSP) to operate in the Abu Dhabi Global Market (ADGM). This move marks PGIM’s formal entry into the Middle East market.
The company aims to serve institutional and professional clients in the region, offering active management and client-focused advisory services across private and public markets. PGIM has served clients in the Middle East for many years. Their services include private alternatives, fixed income, equities, multi-asset solutions, and retirement and fund solutions.
Pgim enters Middle East market
Arvind Ramamurthy, chief of market development at ADGM, said, “We are proud to welcome PGIM, one of the largest asset management companies in the world, to ADGM. PGIM’s expansion into Abu Dhabi marks an important milestone in leveraging its unparalleled expertise and comprehensive range of services alongside ADGM’s robust ecosystem to unlock a wealth of investment opportunities in the region.”
Mohammed Abdulmalek has been appointed as head of the Middle East for PGIM and chairman of the newly established local entity.
He said, “PGIM is well equipped to offer bespoke investment solutions that align with the region’s economic growth and transformation. Abu Dhabi remains a key market for us, and the establishment of our new legal entity in ADGM emphasizes our ongoing dedication to our presence in the UAE and our commitment to the Middle East.”
PGIM also announced the appointment of Emira Socorro as senior executive officer, heading the newly opened office in Abu Dhabi and a member of the board of the local entity. Socorro has over 25 years of experience in asset management and investment banking across the United States, Europe, Asia, and the Middle East.
The establishment of the Abu Dhabi office is a significant milestone for PGIM as it continues to expand its global operations. The firm joins several other major US asset managers who have recently established a presence in the region, underscoring the increasing importance of the Middle East as a key market for global financial firms.
