(Bloomberg) -- State Street Corp. is set to reopen its Dubai office four years after shuttering its outpost in the city’s financial district in favor of neighboring Abu Dhabi. 

State Street Global Advisors aims to consolidate asset management services in its Dubai and Riyadh offices, it said in a statement to Bloomberg News. The firm will continue adding to its team at Abu Dhabi Global Market, where staff will focus solely on investment servicing. 

The Boston-based firm’s asset-management arm, which oversees $4.1 trillion of client wealth, also has offices in Muscat and Abu Dhabi in the Middle East. It expects to grow in every location, Emmanuel Laurina, State Street Global Advisors’ head of Middle East and Africa said. 

“Over the past three years, we have seen very strong activity levels across client categories in Saudi Arabia, Abu Dhabi, Dubai, Oman and the rest of the GCC, which has reinforced our decision to grow our team and invest in the region,” he said.

State Street dissolved its office at the Dubai International Financial Centre in July 2020, according to the DIFC registry. The firm was among many that made the move to Abu Dhabi, which is home to three wealth funds that control more than $1.5 trillion in assets.

Financial heavyweights, from hedge funds and asset managers to venture capital firms, have viewed the city as an easy source of money as liquidity dried up elsewhere. Still, some firms who’ve set up in Abu Dhabi have found the move hasn’t necessarily yielded the kind of capital they anticipated.

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Meanwhile, many employees continue to live in Dubai — preferring the lifestyle in the Middle East’s business hub, despite growing concerns over affordability — and commute to Abu Dhabi, which is just over an hour away. 

“We believe our location strategy puts us in a unique position to compete for talent,” State Street’s Laurina said. 

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