Abu Dhabi Global Market (ADGM), one of the fastest-growing international financial hubs, attracted 14 major financial institutions with combined assets under management (AUM) of $452 billion to set up operations.
Additionally, JP Morgan secured regulatory approval to expand its payment and banking business in the region, ADGM said On Thursday.
“We have continued to add to the team this year and have submitted an application to upgrade our operating licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here,” said Jamie Dimon, Chairman and CEO, JP Morgan.
This is in addition to Rothschild & Co, who have expanded their two-decade solid presence across the emirates via a newly granted ADGM licence as part of the firm’s broader expansion strategy, and the World Bank renewing their long-term presence in the financial centre.
“We are delighted to have received our licensing approvals from ADGM,” said Saeed Al Awar, Partner and Head of Middle East, Rothschild & Co. “This is an expansion of our existing presence in the UAE, where we have been operating for nearly two decades which reaffirms our commitment to our clients in Abu Dhabi and the UAE and is part of our broader expansion strategy and commitment to the region.”
ADGM is the region’s sole jurisdiction to adopt the direct application of English common law. This has resulted in global firms establishing in Abu Dhabi, including BNY Mellon venture Alpheya, GQG Partners, Joy Capital, Apeiron Group Investments, The Children’s Investment Fund (TCI), Copper, Vibrant Capital, Centricus, and Eiffel Investment.
Abu Dhabi’s international financial centre also recorded six further announcements by emerging growth firms, bringing the total to 23.
 “What we are witnessing in Abu Dhabi today, with major global players choosing the capital city to base their business operations, is proof of a unique global opportunity being seized by future thinking institutions,” said HE Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council & Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM. “We warmly welcome their presence and support in the growth and diversification of the ‘Falcon Economy’. This is the most successful week in ADGM’s history.”
