Abu Dhabi Global Market (ADGM) recorded a 245% increase in assets under management (AUM) in 2024, now overseeing 166 funds managed by 134 asset and fund managers. The financial centre also expanded its jurisdiction to Al Reem Island, integrating over 1,100 businesses and offering fee exemptions for non-financial and retail sectors until December 31, 2024.
The total number of operational entities grew 32% year-on-year to 2,381, with a 39% increase in workforce. The number of financial institutions rose to 275, with 79 newly licensed firms, including BlackRock, Polen Capital, PGIM, Nuveen, General Atlantic, Lone Star Funds, Investindustrial, Marshall Wace, AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services, and Morgan Stanley.
ADGM’s Financial Services Regulatory Authority (FSRA) introduced new regulatory frameworks, including rules for fiat-referenced tokens (stablecoins), ESG Greenwashing guidance, IT risk management, and updated Prudential Rules in line with Basel Committee recommendations. A whistleblowing framework and a dedicated reporting portal were also launched.
On the sustainable finance front, ADGM granted Green Fund Designation to Vortex Energy IV, a $1.8 billion AUM firm backed by Abu Dhabi’s sovereign wealth funds and institutional investors. The financial centre also welcomed 44 new signatories to the Abu Dhabi Sustainable Finance Declaration, raising the total to 160.
An increasing number of global family offices and billionaires established operations in ADGM in 2024, including Leon Black’s Elysium Management, British businessman Asif Aziz, philanthropist Wafic Said, and Singaporean entrepreneur Kishin RK.
