DUBAI, Oct. 27  -- The United Arab Emirates' (UAE) largest sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), said on Thursday it opened an office in Hong Kong, the UAE's state news agency WAM reported.

ADIA, marking its first presence in the area, is one of the largest government-controlled wealth funds in the world, aims to tap the Chinese and the greater East Asian market.

ADIA Hong Kong will act as a platform for the sovereign wealth fund "to broaden and deepen its network of relationships and identify new opportunities in China and other key Asian markets," said the report.

ADIA manages most of the petro-dollar-based wealth of the emirate of Abu Dhabi, home to 7 percent of the world's known oil reserves.

The Hong Kong branch will be responsible for conducting comprehensive investment-related research and ongoing analysis of the Asia-Pacific market and economic trends.

In addition to bringing ADIA closer to its key local contacts and investments, the office will assist in identifying new avenues for cooperation and growth "in one of the fastest developing regions in the world," said WAM.

Managing Director of ADIA Sheikh Hamed bin Zayed Al Nahyan said the fund's decision to open an office in Hong Kong "is a symbol of our confidence in Asia's continued growth and our long-term commitment to the region."

According to the Las Vegas-based Sovereign Fund Institute, ADIA manages global assets worth approximately 792 billion U.S. dollars, ranking fifth in the sovereign wealth fund world.

ADIA's annual return in the last 20 years stands at 7.4 percent, according to ADIA's website.