A. SREENIVASA REDDY (ABU DHABI)
DWS, an asset management subsidiary of Deutsche Bank, has opened an office in the Abu Dhabi Global Market (ADGM) after securing a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) to operate as a Category 4 regulated firm, the company announced.
The Frankfurt-based asset manager, which oversees more than €1 trillion in assets under management, said its new presence in Abu Dhabi was established “with end-to-end set-up support from the Abu Dhabi Investment Office (ADIO),” marking a significant step in expanding its footprint in the Middle East.
Stefan Hoops, Chief Executive Officer of DWS, said the move reflects the company’s strategic focus on deepening its regional presence.
“The Middle East is a strategic growth area for DWS as we look to capitalise on our position as the gateway to Europe, linking clients, markets, and opportunities across borders in a region that is future-focused and highly sophisticated,” he said.
The new office in ADGM will be led by Joe Kiwan, who relocates from Paris to serve as Senior Executive Officer while continuing in his role as Head of Coverage for the Middle East & Africa. Kiwan will focus on advancing the company’s regional strategy, strengthening client relationships and developing strategic partnerships across the Middle East.
Welcoming DWS to the Abu Dhabi financial ecosystem, Arvind Ramamurthy, Chief Market Development Officer at ADGM, said: “We congratulate DWS, one of the world’s leading asset managers, on receiving their FSP from the FSRA of ADGM. This milestone reflects both the firm’s ambition and the strength of ADGM’s robust, progressive, and internationally recognised regulatory framework. As a leading international financial centre, ADGM offers asset managers a dynamic ecosystem with access to global investors, innovative structures, and a collaborative community that fosters sustainable growth.”
He added: “We are delighted to welcome DWS to our dynamic ecosystem and are confident they will make a valuable contribution to the continued development and diversification of Abu Dhabi’s asset management landscape.”
Khalifa Al Mahmoud, Acting Director – Investor Attraction at ADIO, said: “The establishment of DWS’s first presence in the MENA region in Abu Dhabi underscores the emirate’s enduring role as a predominant centre of capital and connectivity. We are proud to have supported DWS in marking its entry into the region, in line with our commitment to fostering the growth of world-class institutions within Abu Dhabi’s dynamic financial landscape.”
Under the ADGM framework, Category 4 permission applies to firms conducting limited financial activities—such as investment advisory and arranging services—without holding client assets or taking market risk.
Switzerland’s largest bank, UBS, also recently opened its second UAE base at ADGM, while its global peer Deutsche Bank, DWS’s parent, continues to operate within Dubai International Financial Centre (DIFC).
The new Abu Dhabi outpost is expected to initially employ three sales specialists, with plans to expand its local workforce in the future, according to a Bloomberg report published in June.
DWS Group (DWS) is a leading European asset manager with global reach. With approximately 4,800 employees in offices around the world, DWS offers individuals, institutions, and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines.
