Today's Edition
MAYS IBRAHIM (ABU DHABI)
The Abu Dhabi Investment Office (ADIO) has launched a new cluster aimed at propelling the emirate’s ambitions to become a global financial powerhouse.
Unveiled during Abu Dhabi Finance Week on Monday, the Fintech, Insurance, Digital and Alternative Assets Cluster (FIDA) brings together several high-growth financial verticals under one coordinated structure.
Fatima Al Hamadi, Head of Financial Services Cluster at ADIO, highlighted the scale of global opportunity FIDA aims to tap.
The global fintech market is expected to reach $3.57 trillion by 2032 and the reinsurance market $1.14 trillion, while the global alternative assets market is projected to reach $32.3 trillion by 2030.
FIDA brings fintech, digital assets, insurance, reinsurance, ESG and transition finance, and SME financing under a single structure intended to “reinforce, protect and accelerate Abu Dhabi's long-term economic agenda", according to Al Hamadi.
By 2045, the cluster is projected to contribute an additional Dh56 billion to Abu Dhabi's gross domestic product (GDP), generate 8,000 new skilled jobs and attract at least Dh17 billion in investment, aligned with the emirate's wider economic diversification agenda.
“These outcomes mean SMEs gain better access to capital, families are able to move their retirement safely and securely, and entrepreneurs start and scale their businesses in Abu Dhabi,” Al Hamadi said.
The emirate is already seeing momentum, she added. “Digital asset firms have chosen Abu Dhabi because of clear regulation. As of many years, insurers and reinsurers are establishing long-term operations in Abu Dhabi.”
Talent development is a key pillar of this initiative, according to Al Hamadi. In partnership with ADGM Academy, the Emirates Institute of Finance and local universities, FIDA is rolling out programmes in fintech engineering, asset and wealth management, quantitative finance, and ESG advisory.
“These are skills that the global market needs and Abu Dhabi is committed to building them locally,” Al Hamadi said.
“Looking ahead, we want Abu Dhabi to be a place where firms can grow with speed and confidence.”
She called on investors, founders, regulators and policymakers to collaborate through FIDA to build financial solutions with global impact.
