Assets Under Management Increased by 226%

ABU DHABIUAE, August 14, 2024 /PRNewswire/ — ADGM, the international financial centre (IFC) in the capital of the United Arab Emirates, continues its growth trajectory, posting exceptional results in the first half of 2024. As the fastest growing financial centre and the only jurisdiction with direct application of English common law in the region, ADGM’s continued achievements and strategic initiatives are a catalyst for growth Abu Dhabi growth of the financial sector.

ADGM dynamics strengthen the financial sector’s contribution to Abu Dhabi an economy without oil that grew to 9.7% in Q1 2024 ADGM is becoming an increasingly global magnet for asset managers, top talent and investments, and a cornerstone in cementing Abu Dhabi position of the “Capital of Capital”.

Commenting on the continued growth and good results of ADGM, HE Ahmed Jasim Al ZaabiADGM Chairman He said: “As a catalyst for Abu Dhabi financial sector, extraordinary ADGM growth in the first half of 2024 favors Abu Dhabi position as the primary hub and destination of choice for global, regional and local corporations and financial institutions. ADGM strategies have been tailored to Abu Dhabi visionary leadership to position the UAE capital as a leading international financial centre. Through the establishment of a thriving ecosystem and our drive for innovation, excellence and strategic development, we are proud to have achieved exceptional success in achieving the objectives of the ADGM Growth Strategy 2023-2027, emphasizing accelerated growth Abu Dhabi financial industry.”

He added: “ADGM’s contribution to Abu Dhabi position of global financial power and sustainable economic growth will continue to seize opportunities that will further enhance Abu Dhabi The Falcon Economy has reached unprecedented heights in this exceptionally successful year and in the years to come.”

The increase in the number of operating entities and new licenses reflects strong growth

One of the significant increases in the first half of 2024 is the increase in the number of operating entities to 2,088, including 231 financial services entities – an increase of 31% compared to the first half of 2023. This increase is also complemented by the number of financial services permits (FSPs) granted in the first six months, equal to 42 – an increase of over 90% compared to June 2023 22 FSPs issued.

In addition, the number of licenses issued at the end June 2024 presented 1,271 new licenses – 20.5% more licenses than a year earlier.

Financial services sector led by Asset Management positions Abu Dhabi as the region’s financial hub

In the first half of 2024, the value of assets managed within ADGM increased by 226% compared to the same period last year. By the end June 2024the number of fund and asset managers operating in ADGM has reached 112management 141 funds.

Key asset management companies that have been awarded FSP include: AXA IMEiffel Investment ME, GQG Partners, SS&C Financial Services and Morgan Stanley. In addition, several players in this space have also received preliminary approval (IPA), including Aspen Digital, Blantyre Capital, Blue Owl, Fiera Capital, Infini Capital, I Squared Capital, Ninety One Gulf Capital, Peninsula, Token Bay Capital, Triton and Vizier. The pipeline of players in the asset management sector remains strong with hedge funds, private equity, institutional funds and venture capital firms set to anchor ADGM.

While asset management continues to lead ADGM’s growth, additional financial services players in the banking, payment services, wealth management and insurance sectors have also joined the ADGM ecosystem by receiving FSP or IPA. The list of FSPs awarded includes Barrenjoey, Deutsche Bank AG, Fidelis OPCO, Laser Digital and Paxos Issuance MENA. Notable names that have received IPA include Oyster Reinsurance Brokers and SMBC Bank International, among others.

IN May 2024ADGM hosted the second edition of the UAE-France Investors Meeting – an exclusive event chaired by His Excellency Bruno Le Maire, French Minister of Economy, Finance and Industrial and Digital Sovereignty, and attended by 24 French asset management firms. $1.6 trillion AUM. Meetup provided a unique opportunity for stakeholders in both countries to forge strategic alliances, identify new opportunities, and drive mutual growth.

Bringing Abu Dhabi to the world: International Roadshows meet unprecedented demand

In the first half of 2024, ADGM conducted a series of roadshows covering multiple countries and regions, including USA, Europe, Hong Kong and the Chinese subcontinent.

IN USAADGM participated in over 40 bilateral discussions with hedge funds, private equity funds and venture capital firms during iConnections Global Alts 2024. In Europe, ADGM held over 100 bilateral discussions with senior leaders in the private banking, wealth management, private equity, VC and hedge fund sectors France, Switzerlandand other European centres. These engagements have come amidst the growth of global wealth in the UAE.

A tour in China AND Hong Kong ended with strategic meetings with the participation of 75 entities. Discussions focused on cross-border regulatory cooperation with the Hong Kong Monetary Authority, expansion plans for several Hong Kong and Chinese companies in Abu Dhabiand strengthening liquidity strategies in both regions. It also hosted the Shanghai Investment Summit hosted by ADIO, which announced a new trade forum, the “UAE-China Summit Presented by HSBC,” to be a side event to the upcoming Abu Dhabi Finance Week (ADFW) in December.

Leading the way for sustainable finance and ESG in the region

Following the introduction of the region’s first comprehensive sustainable finance framework in 2023, the Registration Authority (RA) and the Financial Services Regulatory Authority (FSRA) of the ADGM have proposed improvements to the rules. A discussion paper published in May 2024 Industry experts including fund managers, asset managers and companies subject to the Companies Regulations 2020 were invited to participate. These proposed improvements provide greater clarity on the FSRA requirements for ESG-labelled investment products that pursue broader sustainability objectives than just environmental ones. They also support demand for ‘green’ products and services, with the aim of providing investors with confidence that the risk of greenwashing has been addressed. The consultation paper also invites discussion on the role of ADGM in encouraging ADGM-based entities to identify and address climate-related risks to their businesses and develop net zero transition plans that support the UAE’s Net Zero by 2050 strategic initiative.

At the forefront of Blockchain innovation

Following the introduction of the Distributed Ledger Technology (DLT) Foundations Regulations, ADGM has signed strategic partnerships with Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network to advance DLT solutions and advance blockchain innovation. Another MoU was signed between ADGM and Hacken, a global leader in blockchain security auditing, to jointly establish new blockchain security and compliance standards, as well as on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework.

ADGM employment growth amid growing attractiveness of Abu Dhabi, where over 2,500 new jobs have been created

Sustainable investments across sectors Abu Dhabi led to high scores in the 2024 Global Living Comfort Index published by the Economist Intelligence Unit. Abu Dhabi is the highest ranked city in the MENA region, these rankings emphasize Abu Dhabi strengths of factors such as stability, infrastructure and education.

ADGM is increasing its attractiveness as a preferred destination for professionals and investors. The workforce at ADGM Al Maryah Island increased by more than 2500 people, compared to the end June 2023and are now part of the dynamic ADGM community.

ADGM’s Al Reem Island Expansion Drives Population Growth

Since the announcement of the expansion in April 2023On Al Reem Island, a 1,266 new residential units, which gives a total of 21 335Growth in occupancy rates remained stable, increasing from 84.78% IN March 2023 Down 92.82% to the end June 2024. Due to ADGM’s exceptional growth, many employees of new companies established in its jurisdiction choose Al Reem Island as their place of residence. ADGM’s jurisdiction over Al Maryah and Al Reem Island highlights its unique characteristics, making it an ideal place to live, work and do business.

ADGM is a pioneer in hassle-free business migration on Al Reem Island

H1 from 2024 points a significant step in ADGM’s transition to Al Reem Island following the expansion. The latest initiative includes changes to the ADGM licensing fee schedule, aligned with the transitional arrangements for Al Reem Island. Major reductions of 50 percent or more in the acquisition of non-financial and retail licenses in the ADGM jurisdiction will come into effect from January 1, 2025.

An information centre has been launched at Shams Boutik Mall and two community events will be held in 2024 to engage the Al Reem Island business community, provide necessary updates on licensing, registration fees and transition processes. ADGM has also introduced an incentive for existing non-financial and retail businesses on Al Reem Island by exempting them from the fees for obtaining an ADGM commercial license, provided they apply before October 31, 2024.

ADGM Academy initiatives pave career paths for 1,020 Emiratis in first half of 2024

The ADGM Academy contributes to the UAE National Agenda by collaborating with leading players from various sectors. Since its inception, ADGMA has achieved 98% employment of 3,629 Emirati nationals in the private sector through its National Development Agenda.

In the first half of 2024, ADGMA initiatives supported the training and placement of 1,020 Emirati nationals in professional positions across various companies in the UAE.

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