Capital Group has become the latest asset manager to expand into the Middle East after securing regulatory approval to operate in Abu Dhabi.

The $3.6tn (£4.8tn) investment manager has been granted Financial Services Permission by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the emirate’s international financial centre.

The licence allows the firm to carry out trading, investment management and distribution activities within ADGM.

The move comes as a string of managers have opened offices in the Middle East in recent months, looking to grow their investor base in the region.

Just this week, New Mountain Capital opened an office in Abu Dhabi, while others, including PGIM, have been making hires in the region to expand their secondaries platforms.

Capital Group said the approval marked the next phase of its commitment to the region, following its announcement in May of plans to open its first Middle East office in Abu Dhabi.

“The Middle East is strategically important to Capital Group and our clients,” said Mike Gitlin, president and chief executive of Capital Group.

“Securing our regulatory licence in Abu Dhabi reflects our long-term commitment to the region and our conviction in its continued development as a leading international financial centre. We look forward to deepening our relationships with clients and partners.”