ADGM sees unprecedented 215% growth in asset management sector

Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi, has reported remarkable growth for the third quarter of 2024, showcasing its strategic importance in the financial landscape of the UAE. In Q3 2024, ADGM achieved a significant 215% increase in total Assets Under Management (AUM) compared to the same period in 2023. This surge reinforces ADGM's position as a leading asset management hub in the MENA region, drawing in high-caliber asset managers, investment funds, and private equity firms from around the world. By the end of Q3 2024, ADGM had 128 total fund and asset managers managing 156 funds, illustrating its attractiveness to institutional investors seeking opportunities in the region. The broader economic context has also been favorable, with Abu Dhabi's non-oil GDP growth at 6.6% in Q2 2024 and an overall rise in economic activities. His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, highlighted the stability of ADGM's regulatory environment, its strategic location, and the ease of doing business as key factors contributing to its success. In Q3 2024, new business registrations surged by 33%, with 759 new licenses granted to both financial and non-financial organizations, raising the total number of operational entities within ADGM to 2,251, which reflects a year-on-year growth of 31%. Moreover, the workforce increased by 35%, further enhancing the economic ecosystem that ADGM cultivates. In a bid to bolster global connectivity and attract further investments, ADGM engaged in numerous international roadshows throughout Q3 2024. These included notable engagements in China and Hong Kong, commemorating 40 years of diplomatic relations between the UAE and China. ADGM has also been active in other major financial hubs such as Singapore, London, Washington DC, and New York, conducting over 150 discussions aimed at promoting foreign investments into Abu Dhabi. As ADGM moves toward the conclusion of the 2024 financial year, it is preparing to host its flagship event, Abu Dhabi Finance Week (ADFW), in December. Anticipation is high for this third edition, which is expected to draw more than 20,000 delegates under the theme 'Welcome to the Capital of Capital'. This event is expected to further showcase Abu Dhabi's ambition to position itself as a premier global destination for finance, investment, and innovation, while contributing to the growth of the Falcon Economy, thus sustaining the positive momentum that ADGM has built over the past quarters.