Temasek Holdings Pte.'s $54 billion asset management holding company is establishing a new office in Abu Dhabi, amidst a trend of financial institutions setting up operations in the oil-rich emirate.

The company, called Seviora, will be located in the financial center of the city, ADGM. This new office, along with Seviora's existing offices in Singapore, India, China, and Indonesia, aims to support the company's growth in Asia and beyond, as stated in a press release on Monday.

Sadiq Hussain has been appointed as the senior executive officer for Seviora's first office in the Middle East. This move follows a partnership agreement between Mubadala Capital, a division of the $330 billion Abu Dhabi wealth fund, and Seviora for collaborative investments and ventures.

Abu Dhabi, housing three major wealth funds managing assets totaling approximately $1.7 trillion, is vying with Dubai and Riyadh to become the primary business hub in the Middle East. Noteworthy financial players such as BlackRock Inc. have also been attracted to the city, having obtained a commercial license there last year.

Moreover, neighboring countries like Kuwait and Qatar are increasingly appealing to foreign companies for investment opportunities.