Abu Dhabi Global Market (ADGM), the capital’s international financial centre has seen a 215% increase in its assets under management from Q3 2023 to Q3 2024.
At the end of the third quarter of the year, 128 asset and fund managers were overseeing 156 funds within ADGM, according to the data released by the financial centre. This growth underscores ADGM’s role in diversifying Abu Dhabi’s economy and reinforcing its status as a global finance hub.
The quarter saw 759 new business licenses issued, a 33% increase compared to the same period last year, bringing the total number of operational entities to 2,251. The new joiners included PGIM, Nuveen and Elysium Management.
ADGM’s workforce expanded by 35% since Q3 2023, welcoming 4,433 new workers.
In regulatory developments, ADGM introduced enhancements to support its dynamic ecosystem, including a new Whistleblowing framework and proposals for Fiat-Referenced Tokens. The transition of businesses to ADGM licenses on Al Reem Island continues, supported by an extended fee waiver and reduced licensing fees starting January 2025.
“Our record-breaking achievements in Q3 exemplify the appeal of ADGM’s world-class ecosystem that brings together a stable regulatory environment, strategic location and ease of doing business,” remarked HE Ahmed Jasim Al Zaabi, the Chairman of ADGM.
“The continued influx of businesses and investors into ADGM highlights Abu Dhabi’s competitive advantage in the global financial industry and the growth of the Falcon Economy. As we pave the ‘Path to Forward’, we aim to continue building on this momentum to deliver further growth and innovation that benefits not just Abu Dhabi and the UAE, but the wider financial community.”
Internationally, ADGM participated in numerous roadshows, including engagements in China and other global markets, to strengthen its international ties.