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

ADGM's Significant Growth in Asset Management Sector

In a stunning display of economic momentum, the Abu Dhabi Global Market (ADGM) has announced a remarkable achievement for its asset management sector in the third quarter of 2024. With a staggering increase of 215% in total assets under management (AUM) compared to Q3 2023, ADGM cements its status as a leading asset management hub in the MENA region. The continued growth aligns with Abu Dhabi's strategic vision to diversify its economy and secure its position as a premier global destination for finance and innovation.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, noted, "Our record performances in the third quarter underscore the appeal of ADGM's exceptional ecosystem, which combines a stable regulatory environment, strategic location, and seamless business operations. The ongoing influx of companies and investors into ADGM highlights Abu Dhabi's competitive advantage in the global financial sector and the growth of the Falcon Economy. As we pave the 'way forward,' we aim to build on this momentum to generate further growth and innovations that benefit not only Abu Dhabi and the UAE but the entire financial world."

Record Surge in Managed Assets

ADGM's asset management sector has attracted a variety of high-profile asset managers, investment funds, and private equity firms, demonstrating its capability to draw institutional investors from around the globe. By the end of Q3 2024, the total number of asset and wealth managers operating in ADGM rose to 128, overseeing 156 investment funds, reflecting the dynamic expansion taking place.
Among the notable firms that joined ADGM in this quarter are PGIM, Nuveen, Elysium Management, Stonepeak, and Gemcorp Capital, all of which contribute to the burgeoning diversity of investment strategies offered under ADGM's umbrella.

Business Licenses and Ecosystem Growth

Moreover, ADGM reported a 33% increase in newly issued business licenses compared to the same period last year, granting a total of 759 new licenses across financial, non-financial, and retail sectors. This surge brings the total number of operational entities under ADGM's jurisdiction to 2,251, showcasing an impressive growth rate of 31% year-on-year. Strong demand is evident across various sectors, including wealth management, fintech, and professional services, all thriving within ADGM’s supportive ecosystem.

Additionally, the workforce within ADGM continues to expand, with an overall increase of 35% as more businesses join this vibrant community, driving enhanced services and innovation.

Global Outreach Efforts

As part of its mission to enhance global connectivity and attract investments, ADGM participated in several international roadshows during Q3 2024. Key highlights included high-profile events in China and Hong Kong, celebrating 40 years of bilateral ties between the UAE and China. ADGM representatives also engaged with top financial sector figures across markets such as Singapore, London, Washington D.C., and New York, resulting in over 150 bilateral discussions in major international markets.

Upcoming Major Events

As the fiscal year 2024 comes to a close, ADGM is preparing for the third installment of its flagship event series, the Abu Dhabi Finance Week (ADFW), set to take place in December. This year’s event is expected to attract over 20,000 delegates, focusing on the theme "Welcome to the Capital of Capital."

These developments not only reaffirm ADGM's commitment to fostering a robust financial sector but also enhance its appeal as a globally recognized financial hub capable of meeting the diverse needs of investors and businesses alike. The proactive measures taken by ADGM to cultivate an innovative and attractive landscape affirm its position at the forefront of the financial industry in the region.