ADGM Achieves Remarkable 211% Increase In AUM In Q1 2024

Abu Dhabi Global Market (ADGM) continues its robust performance, marking a strong start to 2024 as the fastest-growing financial centre in the region. The first quarter of 2024 saw a record-breaking increase of 211 percent in Assets Under Management (AUM) compared to the same period in 2023.

The growth in AUM, along with a significant rise in the number of operational entities, workforce size, and other elements of the IFC ecosystem during Q1 2024, highlights the strategic initiatives undertaken by ADGM. These efforts reinforce Abu Dhabi’s position as a global financial powerhouse and a preferred destination for regional and global entities.

Ahmed Jasim Al Zaabi, Chairman of ADGM, stated, "Abu Dhabi once again affirms its position as the leading financial powerhouse of the MEASA region. ADGM’s unwavering commitment to excellence, demonstrated through its initiatives and achievements, continues to drive remarkable growth, attracting talent, businesses, and quality investments from across the globe."

ADGM's asset management sector began 2024 with vigour, witnessing an influx of global asset managers establishing operations in the IFC. This surge pushed the size of Assets Under Management within ADGM during the first three months of 2024 to unprecedented figures, reaching a growth of 211 percent compared to Q1 2023.

By the end of March 2024, the number of fund and asset managers operating in ADGM reached 107, managing 137 funds. This growth underscores ADGM's attractiveness as a holistic financial hub that adopts the direct application of English common law.

The total number of operational entities in ADGM increased by 30 percent by the end of March 2024 compared to the same period last year. This brought the total to 1950 entities, including 291 financial services entities. The diversity and prominence of regional and global firms establishing in ADGM continue to rise.

Workforce Expansion

ADGM's workforce has grown to over 25,000 individuals working on Al Maryah Island. More talented individuals are choosing Abu Dhabi as their destination to live, work, and thrive. This growth reflects ADGM's role in attracting and retaining top talent.

ADGM Academy's Success

During Q1 2024, the ADGM Academy achieved further success by training and placing hundreds of Emirati nationals in professional job profiles across various companies in the UAE. Through rigorous training programmes, these individuals have been equipped with necessary skills and knowledge to excel in their chosen fields.

This initiative has enabled seamless integration into the workforce, contributing to the growth and success of their respective companies while bolstering the talent pool in the UAE.

ADGM's continued growth trajectory underscores its strategic importance within Abu Dhabi’s economic landscape. The centre's achievements reflect its commitment to excellence and its role as a key driver of economic development.

With inputs from WAM