US financial services firm State Street has accelerated the target opening of its new Al Ain hub to July 1, 2027, and plans to employ around 100 Emirati nationals there by 2030.
Jack Keshishian, State Street's head of the Middle East and North Africa (excluding Saudi Arabia and Bahrain), said the hub's workforce will grow to roughly 300 staff by 2030, split evenly into three groups: one-third from State Street's global centres, one-third from the wider UAE talent pool, and one-third Emirati nationals. "We are looking at the go date of the first of July," he said, adding that the Middle East remains a growth market the company is keen to expand into further.
The Al Ain hub will focus on technology, artificial intelligence, operations and client services. State Street has had a presence in Abu Dhabi since 2018 and is now building university partnerships through the Abu Dhabi Investment Office to recruit graduates, with a dedicated graduate intake beginning in the first quarter of 2027.
The company has also applied to expand its licence with the Abu Dhabi Global Market (ADGM) to offer additional services, including asset safeguarding and investment fund administration. No specific investment figure has been disclosed, though State Street said spending on the project will continue over the next three years.
The move adds to a wider trend of international financial firms expanding their regional footprint in the UAE while increasing the share of Emirati nationals in their local workforce.