By Rachna Uppal
DUBAI (Reuters) - Morgan Stanley is opening an office in Abu Dhabi, adding to its regional presence and joining a string of other global investment banks that have set up offices in the United Arab Emirates (UAE) capital.
The Wall Street bank already has offices in neighbouring Dubai, considered the Gulf's financial hub, as well as in Saudi Arabia and Qatar.
"There are exciting times ahead for the MENA (Middle East and North Africa) region and as capital markets activity continues to grow and diversify it brings new and rewarding opportunities for both regional and global investors," Clare Woodman, head of Morgan Stanley EMEA and CEO of Morgan Stanley & Co (NYSE:MS) International, said in a statement on Thursday.
Global banks are increasing their presence in oil-rich Abu Dhabi to service an increasingly diverse investor pool of wealthy clients, hedge funds and alternatives that are being drawn to the capital, which is home to three sovereign wealth funds.
Last year, Goldman Sachs announced it was setting up in the Abu Dhabi's financial centre, Abu Dhabi Global Market, which itself has plans to expand significantly to support the growth of the emirate's financial industry.