#Abu Dhabi #United Arab Emirates #ADGM #Asset Management

ADGM's Exceptional Growth in Asset Management Sector

The Abu Dhabi Global Market (ADGM), a prominent international financial center, has made headlines once again with unprecedented growth in its asset management sector for the third quarter of 2024. With a substantial increase in assets under management and a booming number of business registrations, ADGM is proving to be a significant player in diversifying Abu Dhabi's economy and positioning the UAE on the global financial map.

Record Performance in Q3 2024

According to the latest report, ADGM has achieved a staggering 215% increase in total assets under management from the same quarter last year. This remarkable growth underscores ADGM's status as a leading hub for asset management in the MENA region, attracting top-tier fund managers, investment funds, and private equity firms. The number of fund managers has also seen an increase, reaching 128 managers overseeing 156 funds by the end of Q3 2024.

Notable entrants during this quarter include major players such as PGIM, Nuveen, Elysium Management, Stonepeak, and Gemcorp Capital, further solidifying ADGM's reputation as a go-to destination for institutional investors worldwide.

Surge in New Business Registrations

The ADGM has also reported a significant 33% rise in new operational licenses issued, totaling 759 new licenses compared to the same period last year. This spike brings the total number of entities operating under ADGM's jurisdiction to 2,251, reflecting a remarkable 31% annual growth. The sectors driving this demand include asset management, fintech, and professional services, showcasing the diverse economic activity within ADGM's ecosystem.

Moreover, there has been consistent growth in the workforce within ADGM, with employment figures increasing by 35%, a clear indication of the thriving environment for businesses and professionals alike.

Expanding Global Connectivity

In its quest to enhance global connectivity and attract further investments, ADGM has actively participated in a series of international roadshows. These events aim to bolster Abu Dhabi's international standing in the finance sector. Significant meetings took place in China and Hong Kong to celebrate 40 years of bilateral relations between the UAE and China. Additionally, ADGM representatives engaged with financial leaders in major cities such as Singapore, London, Washington D.C., and New York, tallying over 150 bilateral discussions on crucial international markets.

Upcoming Events and Initiatives

As ADGM approaches the close of its fiscal year 2024, it is gearing up for its flagship event, the Abu Dhabi Finance Week (ADFW), scheduled for December. This event is expected to attract more than 20,000 delegates, revolving around the theme “Welcome to the Capital of Capital.” The forum will showcase Abu Dhabi's vibrant financial ecosystem, fostering discussions around investments, growth strategies, and innovation in the sector.

Conclusion

With its record-breaking achievements in Q3 2024, the ADGM stands as a testament to Abu Dhabi’s ambitions to diversify its economy and enhance its reputation as a premier global financial hub. With ongoing investments in infrastructure, regulatory frameworks, and global partnerships, ADGM is poised for continued success as it rides the wave of economic growth, benefiting both the UAE and the wider financial community.