US financial services group State Street plans to employ about 100 Emiratis at its Al Ain operating centre as it targets a July 2027 opening date.
The new centre is expected to have 300 staff by 2030, with technology, artificial intelligence, operations and client services among its main areas.
About a third of the workforce will come from State Street’s global centres, another third will be recruited from the UAE talent pool and a third will be Emiratis, said Jack Keshishian, State Street’s head of Middle East and North Africa (excluding Saudi Arabia and Bahrain).
Preparations are under way, including arranging links with UAE universities through its partnership with the Abu Dhabi Investment Office.
“We are looking at the go date of the first of July,” Mr Keshishian said. This is earlier than the “end of next year” start date outlined at the Al Ain Future Business Forum in September.
State Street announced the centre in January. Mr Keshishian said the current focus was on building a workforce of 300 over three years to 2030, with the possibility of future expansion if there was sufficient demand.
“Obviously, we have ambitions to grow because [the] Middle East is a growth market for us, and we take a long-term view,” he said.
Opportunities for graduates
The company expects to identify potential graduate recruits in the first quarter of next year.
The “talent pool” in Al Ain is a key reason the company chose to set up there, alongside the potential to sustain and grow the business, Mr Keshishian said.
AI and technology will help automate work and improve the use of data, while employees will also provide operational and client services.
Mr Keshishian said technology and staff would work together to improve efficiency for clients. He did not provide an investment figure for the centre and said spending would continue over the coming three years.
Why Al Ain?
State Street’s decision is based on its assessment of the available workforce and the potential to sustain and expand an operation in the city, Mr Keshishian said.
The company has had a presence in Abu Dhabi since 2018. Its new centre will broaden that operation beyond the capital and support clients across several markets.
“I think despite the tension in the region, we are seeing global institutions establishing their presence here in the UAE and the wider region, and we haven't seen any sort of a change in that,” he said.
The company has also submitted an application to expand the services it can offer at Abu Dhabi’s financial centre ADGM.
Subject to approval, these would include safeguarding clients’ financial assets and providing administrative services for investment funds.