Latest news with #AbuDhabiFinanceWeek
Al Etihad
24-03-2025
- Business
- Al Etihad
Seviora Group to open office at ADGM
25 Mar 2025 02:26 KHALED AL KHAWALDEH (ABU DHABI) Seviora Group, a leading Asia-based asset management company headquartered in Singapore, has announced the establishment of its Middle East office in the Abu Dhabi Global Market (ADGM). With over $54 billion in assets under management (AUM), Seviora's expansion into the region underscores the growing appeal of ADGM as a hub for global financial institutions. "The opening of our new office in Abu Dhabi marks a major step in our international expansion and highlights the strategic importance of the Middle East in our growth plans," Jimmy Phoon, CEO of Seviora Group said. Seviora's entry into ADGM follows a broader trend of major asset managers establishing a presence in Abu Dhabi's financial centre. By the end of 2024, ADGM was home to 34 asset and fund managers overseeing 166 funds. These included some of the finance world's most recognisable names as well as more boutique firms and offices. Polen Capital, a US-based investment management firm with approximately $63 billion in assets under management (AUM), received its licence in February to commence operations at ADGM. CEO Stan Moss praised the efficiency of the approval process and highlighted Abu Dhabi as a key market for the firm. Omar Sultani, appointed as Polen's Managing Director for the Middle East and Central Asia, emphasised that the firm's expansion reflects the city's growing appeal to global financial institutions."Abu Dhabi has become a key global financial centre, offering an ideal environment for asset managers to expand and innovate," Sultani said. Meanwhile, Investindustrial - a European investment group with over €15 billion in raised fund capital - opened its new office early this year, stating it will serve as the Middle East and Asia hub for its are just the latest in a slew of major financiers to establish a presence on Maryah Island. Marshall Wace, a London-based hedge fund, which manages over $69 billion in assets globally, opened an office in late 2024. During Abu Dhabi Finance Week, an annual event, several major firms announced plans to establish offices in the region. Among them were Investindustrial and Polen Capital, along with General Atlantic, which oversees $100 billion in assets under management (AUM), and Lone Star Funds, managing $95 billion. Golub Capital, a prominent private credit firm with $70 billion in AUM, Eldridge, an insurance-focused investment firm with $74 billion in AUM, and Carta, a global leader in equity management with $150 billion in assets under administration (AUA), also revealed their expansion intentions."Abu Dhabi has really positioned itself to become a leader over the next 20 years. Its psychology was different, and now it's blossoming into this magnet of opportunity," Larry Fink, Chairman and CEO of Blackrock said during a phone-in at the event late last year. Arvind Ramamurthy, Chief Market Development Officer at ADGM, said the latest addition to ADGM was indicative of the successful outreach programmes that the centre had undergone in recent years. "We are delighted to welcome Seviora Group to ADGM, further cementing Abu Dhabi's reputation as a trusted global financial centre. Seviora's establishment of its regional headquarters in ADGM reflects our growing international appeal and the continued expansion of our global network," he said.
Zawya
03-03-2025
- Business
- Zawya
SC Ventures partners with Visa to support SME growth and innovation in the MENA region
Dubai – SC Ventures, Standard Chartered's innovation, fintech investment and ventures arm, has signed a Memorandum of Understanding (MoU) with Visa, a world leader in digital payments, to develop solutions aimed at supporting small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region. A signing ceremony was held recently at the Visa Innovation Center in Dubai where Rola Abu Manneh, CEO of Standard Chartered Middle East, UAE and Pakistan, and Dr. Saeeda Jaffar, Visa's Senior Vice President and Group Country Manager for Gulf Cooperation Council expressed both organizations' commitment to fostering innovation and growth for SMEs in the United Arab Emirates (UAE) and beyond. The SME sector in the Middle East is evolving, with businesses moving beyond traditional industries such as trading and construction. This shift is driven by technological advancements and supportive government initiatives, enabling SMEs to explore new opportunities in sectors like fintech, e-commerce, and healthcare. This trend is part of a broader regional effort to diversify economies and reduce dependence on oil, positioning the Middle East as a competitive player across a range of industries. In the UAE alone, SMEs account for over 63.5% of the country's non-oil GDP, making them a central element of the nation's economic strategy. The UAE has been ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) report for 2023-2024, highlighting the country's focus on creating an environment where small businesses can succeed. "This partnership represents a critical milestone in SC Ventures' mission to strengthen the SME ecosystem in MENA region. Through this partnership, we are committed to equipping SMEs with the tools and resources to thrive, expand, and drive sustainable growth in the increasingly digital and interconnected global economy," said Gautam Jain, Operating Member SC Ventures, said. During the 2024 Abu Dhabi Finance Week, SC Ventures signed two MoUs with prominent players 7X and LuLu Financial — to co-create an SME focused startup in the region. The MoU sets the foundation for a proof of concept that will focus on developing a joint offering to promote SME growth. The partnership will include regular workshops and meetings to share knowledge, exchange best practices, and ensure the relevance of the solutions being developed. "Visa is focused on supporting economic growth in the region. This collaboration with SC Ventures will help provide SMEs with the tools and knowledge they need to accelerate their digital transformation as well as to expand their business, improve efficiency, and explore new growth avenues," said Salima Gutieva, Visa's Vice President and Country Manager for UAE. As the SME sector in the MENA region continues to grow, such collaboration are essential in providing SMEs with the necessary resources and support to navigate a rapidly changing business environment. It is estimated that UAE's SME sector alone will reach 1 million by 2030. The partnership between SC Ventures and Visa represents a significant step in the development of the SME ecosystem in MENA. By combining Visa's global payment technology with SC Ventures' expertise in fintech, this collaboration aims to provide SMEs with the solutions needed to support their long-term growth. For further information: Nick Hamilton Director Houbara Communications SC Ventures SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models. For more information, please visit and follow SC Ventures on LinkedIn. Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook. Visa Visa (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories. Visa's mission is to connect the world, helping individuals, businesses, and economies thrive. Visa is committed to driving the future of payments and enabling financial inclusion, particularly for small and medium-sized businesses.
