The Abu Dhabi Global Market (ADGM) announced a 31 per cent rise in new company registrations during the first half of 2024, bringing the total number of active companies to 2,088, including 231 financial institutions.
ADGM is increasingly becoming a global hub for banks, venture capital, asset management firms, and family offices, reinforcing Abu Dhabi’s standing as the ‘Capital of Capital’. This growth boosts the financial services sector’s role in Abu Dhabi’s non-oil economy, which grew by 9.7 per cent in Q1 2024.
In H1 2024, ADGM issued 1,271 new licences, a 20.5 per cent increase from the same period last year. It also granted 42 financial services permissions, a more than 90 per cent increase compared to 2023.
The financial centre has attracted major Wall Street banks, including Goldman Sachs, Morgan Stanley, and Rothschild, as they set up offices in Abu Dhabi, tapping into a wealthy market supported by large sovereign wealth funds like ADIA, Mubadala, and ADQ.
ADGM chairman Ahmed Jasim Al Zaabi stated that their success in achieving the ADGM Growth Strategy 2023-2027 targets reflects the accelerated growth of Abu Dhabi’s financial sector.
Notable figures in the family offices sector include Ray Dalio, founder of Bridgewater Associates, who established a presence in the city last year, alongside peers such as Brevan Howard. Asset managers receiving financial services permissions during this period include France’s AXA IM, Morgan Stanley, and GQG Partners, with firms like Blue Owl and Aspen Digital gaining preliminary approvals.
Asset management led ADGM’s growth, expanding by 226 per cent compared to H1 2023, with 112 fund and asset managers now overseeing 141 funds.
ADGM’s jurisdiction expanded tenfold in May 2023, incorporating Al-Reem Island, making it one of the world’s largest financial districts, spanning 14.38 million square metres.
