The new site will feature a research and development (R&D) laboratory. Credits: ADIO.

US-based investment and asset management firm PGIM, a subsidiary of US-based insurance company Prudential Financial, has announced plans to establish a new innovation centre in Abu Dhabi, UAE.

The new facility, developed in collaboration with the Abu Dhabi Investment Office (ADIO), will operate under RealAssetX. PGIM launched this innovation lab in October 2023. It focuses on researching, developing, and investing in technology to advance the real asset industry.

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The new innovation centre will feature a research and development (R&D) laboratory. It will also operate in tandem with leading local universities, research centres and Hub71, Abu Dhabi’s tech ecosystem.

Through RealAssetX Abu Dhabi, PGIM will collaborate with key institutions, universities, incubators, and venture capital firms in the UAE’s capital. It will help drive innovation in real estate through research and investment in sustainability, AI, and deep tech.

ADIO and PGIM are also considering setting up a new $250m investment fund. This fund would enable RealAssetX Abu Dhabi to invest in early- and late-stage technology companies.

Raimondo Amabile, co-CEO and global CIO at PGIM Real Estate remarked that the partnership with the ADIO will “deliver innovative solutions in one of the world’s most dynamic markets.”

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“Establishing RealAssetX Abu Dhabi aims to bring global insights to the region, foster local talent and create an ecosystem that enables innovation to thrive in Abu Dhabi”, he added.

Earlier in September 2024, PGIM opened a new office in Abu Dhabi after receiving a Financial Services Permission (FSP) to operate in the Abu Dhabi Global Market (ADGM).

Abu Dhabi’s real estate sector has shown rapid growth in 2024. According to the Abu Dhabi Real Estate Centre (ADREC), the Abu Dhabi real estate market has recorded a 225% surge in foreign direct investment for the first half of 2024 compared to the same period in 2023.