Abu Dhabi Investment Office opens eight global offices to attract investors

Abu Dhabi has been increasingly targeting technology and disruptive startups to diversify its economy away from oil. (AFP file photo)
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Updated 14 January 2021

Abu Dhabi Investment Office opens eight global offices to attract investors

  • Abu Dhabi has been increasingly targeting technology and disruptive startups to diversify its economy away from oil

DUBAI: The Abu Dhabi Investment Office (ADIO) has set up eight new offices in Tel Aviv, New York, San Francisco, Frankfurt, London, Paris, Beijing and Seoul, in an effort to attract investors, the state news agency WAM reported.
Abu Dhabi, a major oil producer and home to some of the world’s biggest sovereign wealth funds such as the Abu Dhabi Investment Authority (ADIA), has been increasingly targeting technology and disruptive startups to diversify its economy away from oil.
The network of offices, in collaboration with the Abu Dhabi Department of Economic Development, expands ADIO’s reach in key overseas markets, where it is looking to attract innovative businesses to establish and grow in the emirate, WAM cited ADIO as saying in a statement.
ADIO’s international expansion complements its $545 million Innovation Programme, which provides financial and non-financial incentives to innovation-driven businesses in high-growth areas.

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HSBC to axe 82 branches in UK, cut services in others

Updated 19 January 2021

HSBC to axe 82 branches in UK, cut services in others

  • The lender said it would be left with 511 branches in the UK following the closures

LONDON: HSBC said on Tuesday it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking.
The lender said it would be left with 511 branches in the UK following the closures, with many of the remaining branches set to be refurbished with some providing fewer services.
The COVID-19 pandemic has dented bank finances, putting pressure on lenders to cut costs, while more customers have opted to bank online as people have been encouraged to stay at home to combat the spread of the virus.
HSBC said it had begun trialing different branch formats and decided to provide fewer full-service branches focused in large cities and towns, with others providing cash or self-service technology.
The bank said ‘pop-up’ mobile branches would also be rolled out later this year.
“The direction of travel is really quite clear and this is borne out by the reduction in branch usage and increase in digital interaction that we are seeing first-hand,” said Jackie Uhi, HSBC UK’s head of network.