Abu Dhabi’s ADGM has reported a 226% increase in its assets under management during H1 2024 compared to H1 2023.
At the end of June 2024, the number of fund and asset managers operating in ADGM reached 112, managing 141 funds, the company has revealed in its latest financial disclosure.
The number of new licences granted by ADGM grew by 20.5% during this period to reach 1,271, compared to H1 2023, while its workforce grew by over 2,500 at the end of H1 2024.
One of the factors that has supported ADGM’s strong growth in H1 2024 is the significant increase in operational entities, which have risen to 2,088, including 231 financial services entities. This growth is also complemented by the 90% increase in the number of Financial Services Permissions (FSP) granted in H1 2024, amounting to 42, compared to the 22 FSPs granted in H1 2023.
The asset management players that have been granted an FSP include AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services, and Morgan Stanley, ADGM stated.
“As a catalyst for Abu Dhabi’s financial sector, ADGM’s remarkable growth in the first half of 2024 fosters Abu Dhabi’s position as a premier hub and a destination of choice for global, regional and local corporations and financial institutions,” said HE Ahmed Jasim Al Zaabi, Chairman of ADGM.
He added, “ADGM’s contribution to Abu Dhabi’s stature as a global financial powerhouse and its sustainable economic growth will continue to capitalise on opportunities that will further elevate Abu Dhabi’s Falcon Economy to unprecedented heights throughout this exceptionally successful year and beyond.”
ADGM expects continued growth in the months to come. According to the results of a survey conducted by the financial centre, 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.
