ABU DHABIUnited Arab Emirates, November 30, 2024 /PRNewswire/ — ADGM, the international financial center (“IFC”) of Abu Dhabiannounced another quarter of unprecedented growth, with exceptional achievements for the third quarter (“Q3”) of 2024 across all key indicators. The results highlight the central role of ADGM in that of Abu Dhabi strategic ambition to diversify its economy and consolidate its position as a leading global destination for finance, investment and innovation. ADGM continues to align with that of Abu Dhabi economic growth, which recorded a growth of 6.6% in non-oil GDP, in the second quarter of 2024.
His Excellency Ahmed Jasim Al Zaabi, President of ADGM, REMARK, “Our record achievements in the third quarter illustrate the appeal of ADGM’s world-class ecosystem that brings together a stable regulatory environment, strategic location and ease of doing business. The continued influx of companies and investors into ADGM highlights that of Abu Dhabi competitive advantage in the global financial sector and the growth of the Falcon Economy. As we lead the ‘way forward’, we aim to continue to build on this momentum to generate further growth and innovation that not only benefits Abu Dhabi and the United Arab Emirates, but the wider financial community.
Asset management leads growth
ADGM recorded a substantial increase in 215% of total assets under management (AUM) in Q3 2024 compared to Q3 2023, demonstrating its rapid rise as a leading asset management hub in the MENA region. This growth highlights ADGM’s ability to attract high-caliber asset managers, investment funds and private equity firms, making it a compelling venue for institutional investors around the world. This is also reflected in the growth in the total number of funds and asset managers, which reached 128, manager 156 funds, at the end of the third quarter of 2024.
New entrants in Q3 2024 include PGIM, Nuveen, Elysium Management, Stonepeak and Gemcorp Capital.
Increase in new business registrations and ecosystem expansion
In the third quarter of 2024, ADGM experienced a 33% increase in the number of newly issued business licenses compared to the same period last year. A total of 759 new licenses were issued during the period to financial, non-financial and retail businesses. The total number of operational entities under the jurisdiction of the ADGM increased to 2,251, an impressive 31% growth from one year to the next. This increase reflects strong demand from a wide range of sectors, including asset management, FinTech and professional services, within the ADGM ecosystem.
Additionally, the workforce within ADGM’s jurisdiction has continued to grow, with more and more companies joining its vibrant ecosystem, marking an increase. by 35% in the overall workforce.
Roadshows showcasing Abu Dhabi to the world
In line with its mission to improve global connectivity and attract investment, ADGM participated in a series of international roadshows during the third quarter of this year. One of the main engagements has been several high-level engagements in China And Hong Kong to celebrate 40 years of bilateral relations between the United Arab Emirates and China. Furthermore, ADGM delegations continued their series of engagements with financial leaders and international market authorities covering Singapore, London, Washington DC And new Yorkbringing the total number of bilateral discussions to more than 150 in major international markets.
Upcoming flagship event
Looking ahead, as ADGM approaches the end of the 2024 financial year, it is set to host the third edition of its flagship event series, Abu Dhabi Finance Week (ADFW), in December. The event is expected to bring together more than 20,000 delegates to explore the theme “Welcome to the Capital of Capital”.
SOURCE ADGM
