Abu Dhabi Financial Hub Is Full, Yet Unused Desks Are Plentiful

Office occupancy rates in Abu Dhabi’s financial hub have hit 97%, reflecting a city in the midst of a boom. But step inside some of the gleaming towers on Al Maryah Island, and you’ll still find quiet hallways and rows of empty desks.

The contradiction stems from the emirate’s push to compete with business hubs in neighboring Dubai and globally. As part of that effort, firms were encouraged to establish a local presence and relocate more staff. The proximity to Abu Dhabi’s influential wealth funds, which control nearly $2 trillion, added to the appeal. The campaign has drawn top banks and private markets firms, earning ADGM, the financial center, a reputation as the Gulf’s “hedge fund island.”