IQ-EQ, an Astorg portfolio company, has announced that it has been granted its licence to offer corporate services in the Abu Dhabi Global Market.
This development marks the latest step in the firm’s strategic expansion and service offering in the Middle East, following the opening of its Abu Dhabi office and the receipt of its licence for fund services in the Abu Dhabi Global Market (ADGM) in 2023.
With its fund and new corporate services licences obtained from the ADGM’s Registration Authority (ADGM RA), IQ-EQ is now fully equipped to service the rapidly growing fund and asset managers as well as corporate communities in the Middle East market, from the heart of the UAE’s capital.
Arvind Ramamurthy, Chief Market Development Officer, ADGM, said: “We welcome IQ-EQ to the ADGM, the fastest-growing asset management ecosystem in the region and a key player in the rapidly growing asset management landscape of the Middle East. Their new corporate services licence aligns with our strategic vision and reinforces ADGM’s role as a gateway for international investors. IQ-EQ’s commitment to expanding their services here will further enhance our vibrant ecosystem, allowing us to better meet the evolving needs of fund managers and corporate clients alike.”
On announcing the news, IQ-EQ’s Group Chief Commercial Officer Emma Crabtree (pictured), said: “With four of the world’s top ten sovereign wealth funds originating from the Middle East, and a surge of 226% in Assets Under Management when comparing H1 2024 and H1 2023 in the ADGM[1], it’s imperative that we respond to increasing client demand by expanding our offering. This new licence represents our commitment to the ADGM as a thriving, global financial hub, allowing us to meet our clients’ needs by providing a complete solution with connectivity across the world’s key regions.”
Country Head, UAE Tariq Nakhooda, added: “Last year was a milestone for IQ-EQ, with the opening of our Abu Dhabi office and receipt of our fund services licence in the ADGM. But it was just the beginning. 2024 has been about truly embedding ourselves within the dynamic UAE market and expanding our footprint. Securing this corporate services licence underscores our commitment to Abu Dhabi’s dynamic financial landscape. We’re excited to further contribute to its growth and to strengthen our partnerships within this leading business hub.”
