ADGM's Asset Management Sector Leads Exponential Growth in Third Quarter of 2024

ABU DHABI, UAE, Nov. 30, 2024 /PRNewswire/ -- ADGM, the international financial centre ("IFC") of Abu Dhabi, announced another quarter of unprecedented growth, with exceptional achievements for the third quarter ("Q3") of 2024 across key metrics. The results underscore ADGM's pivotal role in Abu Dhabi's strategic ambition to diversify its economy and solidify its position as a premier global destination for finance, investment, and innovation. ADGM continues to align with Abu Dhabi's economic growth, which registered a 6.6% growth in non-oil GDP, in the Q2 of 2024.

His Excellency Ahmed Jasim Al Zaabi, the Chairman of ADGM, remarked, "Our record-breaking achievements in Q3 exemplify the appeal of ADGM's world-class ecosystem that brings together a stable regulatory environment, strategic location and ease of doing business. 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. As we pave the 'Path to Forward', we aim to continue building on this momentum to deliver further growth and innovation that benefits not just Abu Dhabi and the UAE, but the wider financial community."

Asset Management Leads Growth

ADGM recorded a substantial increase of 215% in total Assets Under Management (AUM) in Q3 2024 compared to Q3 2023, demonstrating its rapid ascent as a top asset management hub in the MENA region. This growth highlights ADGM's ability to attract high-calibre asset managers, investment funds, and private equity firms, establishing it as a go-to location for institutional investors worldwide. This is also reflected in the growth of the total fund and asset managers, which reached 128, managing 156 funds, as of the end of Q3 2024.

Joiners during the Q3 of 2024 include PGIM, Nuveen, Elysium Management, Stonepeak, and Gemcorp Capital.

Surge in New Business Registrations and Expanding Ecosystem

In Q3 of 2024, ADGM saw a 33% rise in the number of newly issued business licences compared to the same period last year. A total of 759 new licences were issued over the period to financial, non-financial and retail firms. The total number of operational entities within ADGM's jurisdiction jumped to 2,251, an impressive 31% year-on-year growth. The surge reflects strong demand from a diverse range of sectors, including asset management, FinTech, and professional services, within ADGM's ecosystem.

Furthermore, the workforce within ADGM's jurisdiction has been steadily increasing with more and more businesses joining its vibrant ecosystem marking an increase of 35% in the overall workforce.

Roadshows Bringing Abu Dhabi to the World

In line with its mission to enhance global connectivity and attract investments, ADGM participated in a series of international roadshows during Q3 of this year. One of the major ones was several high-level engagements in China and Hong Kong to celebrate 40 years of bilateral relations between the UAE and China.  Furthermore, ADGM delegations continued their series of engagements with financial leaders and authorities in the international market covering Singapore, London, Washington DC and New York, bringing the total number of bilateral discussions to more than 150 across key international markets.  

Upcoming Flagship Event

Looking forward, as ADGM nears the end of the 2024 financial year, it is set to host the third edition of its flagship event series, Abu Dhabi Finance Week (ADFW) in December. The event is expected to bring over 20,000 delegates to explore the theme 'Welcome to the Capital of Capital'.

source: ADGM