Jane Street Group is preparing to open a local office in Abu Dhabi’s financial centre, ADGM, marking a major step in the UAE capital’s efforts to position itself as a global hedge fund and market-making hub, according to a report by Bloomberg.

The firm’s entry would make it one of the first top-tier global market makers to establish operations in the oil-rich emirate.

Jane Street, which posted a record $20.5bn in trading revenue last year across ETFs, equities, currencies, and derivatives, joins a growing roster of global financial firms setting up in Abu Dhabi. Germany’s DWS Group is also launching its first regional presence there, relocating senior leadership and building out a dedicated sales team.

ADGM’s rise as a magnet for hedge funds, asset managers, and trading firms comes amid a broader Gulf financial boom, with Abu Dhabi offering access to deep sovereign wealth capital, zero tax on income, and a favourable regulatory environment. Assets under management at the centre surged 33% in Q1, with 144 managers now operating from the zone.