- Assets under management have increased by 211% from Q1 2023
to Q1 2024,
- 107 asset and fund managers operating in ADGM,
currently managing 137 funds.
- The number of operational entities grew by 30%, and the
workforce experienced a significant increase at the end of Q1 2024
compared to the same period last year.
ABU
DHABI, UAE, May 20, 2024
/PRNewswire/ -- ADGM, the international financial centre (IFC) of
the UAE's capital, continues its solid performance paving the way
for another strong year as the fastest growing financial centre in
the region, with a record-breaking start during the first quarter
of 2024 marked by an increase of 211% in Assets Under Management
(AUM) compared to the first quarter of the year 2023.
The growth trajectory of ADGM in Assets Under Management,
coupled with a significant increase during Q1 2024 in the number of
operational entities, the size of workforce and other elements of
the IFC ecosystem, underscore the concerted efforts and strategic
initiatives undertaken to strengthen its standing as a leading
international financial centre, and reaffirms Abu Dhabi's position as a global financial
powerhouse and a destination of choice for regional and global
entities.
Commenting on ADGM's continued growth and strong performance,
H.E. Ahmed Jasim Al Zaabi,
Chairman of ADGM said, "Abu
Dhabi once again affirms its position as the leading
financial powerhouse of the MEASA region. ADGM's unwavering
commitment to excellence, demonstrated through its initiatives and
achievements, continues to drive remarkable growth, attracting
talent, businesses, and quality investments from across the globe.
This year holds the promise of even greater growth for ADGM and its
ecosystem, marking a significant stride towards achieving
Abu Dhabi's economic goals and
ambitions."
Abu Dhabi: The Region's
Premier Financial Hub for Asset Management
ADGM's asset management sector began 2024 with vigour,
witnessing an unprecedented influx of global asset managers
establishing operations in the IFC, and pushing the surge in the
size of Assets Under Management within ADGM during the first three
months of the year 2024 to unprecedented figures reaching a growth
of 211% compared to the same period of 2023. By the end of
March 2024, the number of fund and
asset managers operating in ADGM reached 107, managing 137
funds.
The attractiveness of ADGM as a holistic financial hub which
stands as the sole jurisdiction in the region to adopt the direct
application of English common law, has resulted in ongoing increase
in the number and diversity of prominent regional and global firms
establishing in ADGM. By the end of March
2024, the total number of operational entities in ADGM
increased by 30% compared to the same period last year, to reach
1950 including 291 financial services entities.
Abu Dhabi's Liveability
Sparks ADGM's Workforce Surge
ADGM's workforce has grown to over 25 thousand individuals,
working on Al Maryah Island, as more
talented individuals choose Abu
Dhabi as their destination to live, work, and thrive.
Abu Dhabi's appeal extends
beyond its business opportunities, it has been ranked as the best
and safest city to live in the region offering a high quality of
life with world-class amenities and infrastructure. Out of
Abu Dhabi, ADGM is further
enhancing its attractiveness as a preferred destination for
professionals and investors alike.
In its 2024 Outlook, a comprehensive survey conducted among the
ADGM community provides insight into the promising prospects for
ADGM as a preferred destination. A total of 70.81% of companies
anticipate expanding their workforce in ADGM during 2024, with
29.93% expecting significant increases and 40.88% planning moderate
growth in staffing. This collective optimism reflects Abu Dhabi's robust economic health and the
strong confidence within the business community in the conducive
business environment of the IFC.
Managing a Seamless Migration of Reem Island
Businesses
2024 is the year of transitioning businesses on Al Reem Island for ADGM, which is progressing
smoothly and is well underway with several initiatives being
announced and implemented during Q1 2024 to support the businesses
migration process.
In addition to a series of awareness sessions and focus group
meetings organised by the RA of ADGM for representatives of
businesses on Al Reem Island, ADGM
launched its information centre in Shams Boutik Mall, in
Al Reem Island.
The launch of the centre was followed by ADGM's first community
event on Al Reem Island. The
community event provided a platform for ADGM to unveil a new
incentive initiative tailored exclusively for businesses based on
Al Reem Island, operating in
non-financial and retail sectors. Under this incentive initiative,
eligible businesses on the island will be relieved from any fees
associated with acquiring an ADGM commercial licence until
October 31, 2024.
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SOURCE ADGM