The Abu Dhabi Global Market (ADGM), the international financial hub of the UAE’s capital, showcased exceptional growth in the third quarter of 2024. Marked by a substantial increase in assets under management and new business registrations, the financial centre continues to reinforce its role as a regional leader in the asset management sector.
ADGM reported a staggering 215% year-over-year growth in total assets under management during Q3 2024. This achievement solidifies its reputation as a premier destination for asset management in the MENA region. By the end of the quarter, ADGM hosted 128 fund and asset managers overseeing 156 funds, with notable global firms such as PGIM, Nuveen, and Stonepeak among its clients.
Boosting Abu Dhabi’s Diversification Goals
The robust performance aligns with Abu Dhabi’s ongoing economic diversification efforts, reflected in the emirate’s 6.6% growth in non-oil GDP during Q2 2024. ADGM contributed significantly to this expansion by issuing 759 new licenses in Q3, a 33% increase compared to the same period last year. The total number of active entities in the financial hub reached 2,251, representing a 31% year-on-year growth. Additionally, the workforce grew by 35%, underscoring ADGM’s increasing appeal to businesses and talent worldwide.
Highlighting the significance of these developments, ADGM Chairman Ahmed Jasim Al Zaabi remarked, “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.”
Strengthening Global Partnerships
ADGM’s success in Q3 was bolstered by extensive international engagements, including high-level visits to China and Hong Kong to celebrate 40 years of UAE-China bilateral relations. The centre’s representatives also held over 150 bilateral discussions with key stakeholders across global markets such as Singapore, London, New York, and Washington, D.C.
Abu Dhabi Finance Week 2024
Looking ahead, ADGM is set to host the third edition of Abu Dhabi Finance Week in December 2024. The event, themed “Welcome to the Capital of Capital,” is expected to draw more than 20,000 delegates, further cementing Abu Dhabi’s position as a global financial powerhouse.
