ADGM Achieves Exceptional Growth, Issues Over 1,200 New Licences In Early 2024

Abu Dhabi Global Market (ADGM), the UAE capital's international financial centre, has shown remarkable growth in the first half of 2024. As the region's fastest-growing financial hub and the sole jurisdiction applying English Common Law directly, ADGM's consistent achievements are driving Abu Dhabi’s financial sector forward.

ADGM's momentum significantly contributes to Abu Dhabi’s non-oil economy, which saw a 9.7 percent increase in Q1 2024. The centre is becoming a global attraction for asset management firms, top talent, and investments, solidifying Abu Dhabi’s status as the ‘Capital of Capital’.

Ahmed Jasim Al Zaabi, Chairman of ADGM, stated, "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."

He further added that ADGM will continue to leverage opportunities to elevate Abu Dhabi’s Falcon Economy throughout this successful year and beyond. The centre aims to sustain its role in enhancing Abu Dhabi's global financial stature and economic growth.

A significant factor behind ADGM’s strong performance in H1 2024 is the rise in operational entities. The number reached 2,088 by mid-year, including 231 financial services entities – marking a 31 percent increase compared to H1 2023. Additionally, Financial Services Permissions (FSP) granted in the first six months totalled 42 – over 90 percent more than June 2023 figures.

The number of licences issued also saw an uptick by June 2024 with 1,271 new licences – reflecting a 20.5 percent increase from the previous year. This growth underscores ADGM's expanding influence within the global financial landscape.

Asset Management Sector Thrives

The asset management sector within ADGM continues to flourish. Assets Under Management (AUM) surged by an impressive 226 percent in H1 2024 compared to the same period last year. By June end, there were 112 fund and asset managers operating within ADGM managing a total of 141 funds.

This substantial growth highlights ADGM's role as a key player in attracting global asset managers and firms to its ecosystem.

ADGM’s strategic initiatives align with Abu Dhabi’s broader vision for economic diversification and sustainable growth. The centre remains committed to fostering an environment conducive to innovation and excellence.

The achievements of ADGM in H1 2024 reflect its pivotal role in driving forward Abu Dhabi’s financial sector while contributing significantly to the emirate's non-oil economy.

With inputs from WAM