National Bank of Abu Dhabi, the biggest UAE bank by assets, expects to expand its money management business abroad to tap growth in emerging markets. Assets under management rose 51% this year to 11.3 billion dirhams ($3.1 billion), about half coming from institutions and wealthy individuals. The bank plans hubs in nine global cities to gain from an expanding middle class and trade and investments flows within a “west-east corridor” extending from West Africa to China. Asset managers in the UAE are benefiting from a surge in its equity markets as growth accelerates. Dubai’s benchmark share index is the sixth-best performer this year among about 90 major gauges tracked by Bloomberg with a 24% advance, while Abu Dhabi’s main index is up 9.6%. NBAD will probably expand its funds management business into markets that are similar or more emerging in style.
