ABU DHABI, Dec 9 (Reuters) - U.S.-listed direct lender

and private credit manager Golub Capital is opening an

office in the UAE's capital Abu Dhabi, it said on Monday,

joining dozens of other firms looking to grow their business in

the region and deepen ties with its wealth funds.

Golub, which had more than $70 billion of capital under

management as of Oct. 1, has received preliminary approval for a

licence to operate out of the Abu Dhabi Global Market (ADGM),

the emirate's financial centre, it said in a statement, adding

that it had also appointed Naser Almutairi as managing director

for the Middle East.

The announcement came as global and regional financiers

gathered in the UAE's capital city for the first day of the Abu

Dhabi Finance Week annual conference.

The emirate, which holds 90% of the UAE's oil reserves, has

accelerated efforts to diversify its economy with ADGM striving

to become a global hub.

Although it trails neighbouring Dubai's DIFC financial

centre, ADGM's assets under management reached $157.2 billion to

the end of June as firms including the family office of

billionaire Ray Dalio, hedge fund Brevan Howard and the world's

largest asset manager, BlackRock ( BLK ), flocked to the hub.

It is also attracting firms active in private credit, which

has grown rapidly in recent years as stricter regulations make

it more expensive for traditional lenders to finance riskier

loans.

The asset class is expected to grow to $2.6 trillion by 2029

from $1.5 trillion at the end of last year, according to Preqin

data.

BlackRock ( BLK ) said last week that it would invest about

$12 billion to buy private credit firm HPS Investment Partners.

Gulf sovereign wealth funds are also expanding in the

private credit space, including Abu Dhabi's $330 billion

Mubadala, which has forged partnerships with the likes of Apollo

and Goldman Sachs ( GS ) in recent years and last week

said it would buy a 42% stake in U.S. credit asset manager

Silver Rock Financial.