ABU DHABI4 (WAM)
Abu Dhabi Global Market (ADGM), the international financial centre (IFC) of the UAE’s capital, continued its impressive growth trajectory, reporting exceptional performance in the first half of 2024.
As the fastest-growing financial centre and the only jurisdiction with the direct application of the English Common Law in the region, ADGM’s consistent achievements and strategic initiatives are a catalyst to the growth of Abu Dhabi’s financial sector growth.
The momentum of ADGM bolsters the financial sector's contribution to Abu Dhabi’s non-oil economy, which grew to 9.7 percent in Q1 2024.
ADGM is increasingly becoming a global magnet for asset management firms, outstanding talent, and investments, and is a cornerstone in cementing Abu Dhabi’s position as the ‘Capital of Capital’.
Chairman of ADGM, Ahmed Jasim Al Zaabi, said, "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 premiere hub and a destination of choice for global, regional, and local corporations and financial institutions. ADGM's strategies have been aligned with Abu Dhabi's visionary leadership to position the UAE's capital as a leading international financial centre. 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 realising the ADGM Growth Strategy 2023-2027 targets, underscoring the accelerated growth of Abu Dhabi’s financial industry.”
“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,” he added.
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 – a 31 percent increase in operational entities compared to H1 2023.
This growth is also complemented by the number of Financial Services Permissions (FSP) granted in the first six months, equivalent to 42 – a growth of over 90 percent compared to the June 2023 numbers which stood at 22.
Moreover, the number of licences issued at the end of June 2024 showcased 1,271 new licences - 20.5 percent more licences than a year earlier.
The asset management sector within ADGM continues to thrive, with a notable surge in Assets Under Management (AUM), global asset managers, firms and funds being anchored.
In the first six months of 2024, AUM 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.