Hamburg-based investment firm Aquila Group is expanding its operations with a new office in Abu Dhabi in the United Arab Emirates as it targets growth opportunities in the Gulf and Middle East, it said on Tuesday.

The new business, Aquila Capital Middle East, will look to deploy capital in Middle East projects including data centres and renewable energy projects, the company, which manages 15.4 billion euros ($16.88 billion) in assets, said in a statement.

"The very reason Abu Dhabi has been chosen is because we think it's one of the best growth prospects for us to be going into as a business," Zaki Nuseibeh, chief executive of Aquila Capital Middle East, told Reuters.

Aquila has received preliminary permission for its business from Abu Dhabi's financial centre, ADGM, and is awaiting final approval.

Rising company registrations, the appeal of sovereign wealth funds, and the relative ease of obtaining a license to operate compared with other financial centres have increasingly drawn global firms to the ADGM in recent years.