Along with many other firms that have been increasing their presence in Dubai and neighbouring Abu Dhabi, First Abu Dhabi Bank and Amundi have entered into a partnership to increase their presence across the Gulf Cooperation Council (GCC).

First Abu Dhabi Bank (FAB), a United Arab Emirates global bank, has signed a memorandum of understanding with Amundi, a Paris-based European asset manager, to expand access to investment solutions and bolster FAB’s investment management offering to clients.

The collaboration will encompass a range of investment solutions across client segments, formats, and asset classes, the firm said in a statement.

This partnership reflects FAB and Amundi’s commitment to delivering enhanced and investment solutions and services across all client segments, including retail, private banking, and institutional investors, building on several decades of experience and success.

“By joining forces with one of the world’s leading asset managers, we are reinforcing FAB’s position as the UAE’s global bank and a partner of choice for clients seeking international expertise and tailored solutions,” Hana Al Rostamani, group chief executive officer at First Abu Dhabi Bank, said. “This partnership demonstrates our commitment to delivering greater value, deepening client relationships, and supporting the UAE’s ambitions as a regional and global financial hub.”

“As we see accelerating demand for various investment solutions across the Middle East, partnering with FAB, a leading financial institution, supports our ambition to deepen our presence and capture long-term growth in this high-potential market,” Valérie Baudson, chief executive officer of Amundi, added. “The collaboration combines our broad suite of solutions, with local insight and scalable digital and advisory capabilities, and will allow us to deliver long-term value for clients while accompanying the ongoing development of the GCC’s financial ecosystem."

A number of firms are bolstering their Middle East presence, for example KKR, a New York headquartered investment firm. Zurich-headquartered private bank UBS has opened an Advisory Office in the Abu Dhabi Global Market (ADGM). US-headquartered investment manager Brown Advisory has also recently set up shop in Dubai and neighbouring Abu Dhabi, exploiting the rising level of demand for wealth management, for example inter-generational wealth and business transfer advisory work. See more here and here.

Headquartered in Abu Dhabi, FAB has total assets of $376 billion while Paris-based Amundi manages more than €2.3 trillion ($2.67 trillion) of assets.