RIYADH: The number of operational entities in the Abu Dhabi Global Market rose to 2,088 in the first half of 2024, reflecting a 31 percent surge compared to the same period in 2023.
During the first half, ADGM — an international financial center and free zone — saw the addition of 231 financial services companies as the UAE’s capital continues to provide development initiatives and ease of doing business.
The growth in the number of operational entities was complemented by the number of Financial Services Permissions granted in the first six months, equivalent to 42 – a surge of more than 90 percent, ADGM said.
The financial center also issued 1,271 new licenses in the first half of the year, up 20.5 percent on an annual basis.
“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 ADGM chairman Ahmed Al-Zaabi.
The growth further strengthens the financial sector’s contribution to Abu Dhabi’s non-oil economy, which grew to 9.7 percent in the first quarter of 2024.
ADGM is increasingly becoming a global magnet for asset management firms, outstanding talent, and investments, and is a cornerstone in cementing the emirate’s position as the “Capital of Capital.”
“ADGM’s strategies have been aligned with Abu Dhabi’s visionary leadership to position the UAE’s capital as a leading international financial center. Through the establishment of a thriving ecosystem and our pursuit of innovation, excellence, and strategic development, we are proud to have propelled towards the exceptional success of realizing the ADGM Growth Strategy 2023-2027 targets, underscoring the accelerated growth of Abu Dhabi’s financial industry,” Al-Zaabi added.
He said: “ADGM’s contribution to Abu Dhabi’s stature as a global financial powerhouse and its sustainable economic growth will continue to capitalize on opportunities that will further elevate Abu Dhabi’s Falcon Economy to unprecedented heights throughout this exceptionally successful year and beyond.”
In the first six months of 2024, assets under management within ADGM grew by 226 percent compared to the same period last year.
By the end of June 2024, the number of fund and asset managers operating in ADGM reached 112, managing 141 funds.
The asset management sector within ADGM continues to grow, with a notable surge in AUM, global asset managers, firms, and funds being anchored.
Source: Arab News
