The Abu Dhabi Global Market grew its assets under management by a record 35 per cent in the first half of 2023, underscoring its position as the region's fastest-growing financial hub.
A total of 102 asset managers, comprising investment firms and hedge funds, who manage 128 funds, set up shop in the capital’s financial centre during the six-month period.
In the six months through June, 46 international and regional companies were granted in-principle approval to operate within the ADGM, which is a 119 per cent jump compared to the year-ago period, and these firms are to be fully operational soon, ADGM said in a statement on Thursday.
“What we are witnessing in Abu Dhabi today, with some of the major global players choosing the capital city to base their business operations, is nothing short of a major transition that is supporting the growth and diversification of the falcon economy," Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and ADGM, said.
"We are excited to see the growth numbers of ADGM, which reinforces our position as the fastest-growing international financial centre in the region."
Abu Dhabi's economy has gone from strength to strength, and it has rolled out several programmes to attract market players from around the world to set up their businesses and take advantage of its entrepreneurial infrastructure and business-friendly regulations.
The UAE capital’s non-oil economy grew by 6.1 per cent annually in the first quarter of the year, with the sector's gross domestic product reaching the highest level in nine years, on the back of its strong diversification push, according to Statistics Centre Abu Dhabi.
The emirate's GDP exceeded Dh1.1 trillion ($299.5 billion) in 2022, an estimated 9.3 per cent growth over 2021, with the non-oil sector accounting for half of it, Mr Al Zaabi announced in May's Annual Investment Conference.
Abu Dhabi aims to increase its non-oil exports by 143 per cent to Dh178.8 billion by 2031, he said.
Meanwhile, AUMs in the GCC are projected to expand above the global average to hit about $500 billion in onshore assets by 2026, from $400 billion at the end of 2022, PwC unit Strategy& said in a report last month.
“Abu Dhabi and ADGM offer a transparent and business-friendly environment to the banking, FinTech and investment management industries. It is an important global hub with tremendous potential," said Alan Howard, founder of fund management firm Brevan Howard, which manages more than $30 billion of assets globally.
Other notable global firms that have made the ADGM their base in 2023 include the Asian Infrastructure Investment Bank (AIIB), Apollo, Ardian, Blackstone, Fidera, Fifth Wall, Goldman Sachs, Ray Dalio's family investment office, SBI Capital, Tikehau Capital and Vibrant Capital.
Earlier this year, the AIIB, a $100 billion multilateral development bank headquartered in Beijing, signed an agreement to open its first overseas office in the ADGM. It is slated to open on September 19.
The ADGM is also considered a preferred destination for local and regional firms, including Abu Dhabi holding company ADQ, Abu Dhabi artificial intelligence company G42, Chimera, Gulf Capital, OneIM and Investcorp.
“Abu Dhabi has become an international hub for investors, employers and employees alike ... [it] enable[s] us to pursue many of the exciting opportunities we see in this region and to propel the firm into the next stage of its journey," said Rajeev Misra, chief executive of OneIM.
During the first half of 2023, the ADGM’s Financial Services Regulatory Authority also began implementing its sustainable finance regulatory framework, comprising the region’s most comprehensive environmental, social and governance disclosure requirements.
It also rolled out a regulatory framework for funds, discretionary managed portfolios, bonds and sukuks that are designed to accelerate the transition of the UAE to net zero greenhouse gas emissions.
This complements the ADGM’s existing regulation of carbon offsets, facilitating the establishment of AirCarbon Exchange, the world’s first regulated carbon offsets exchange and clearing house in the ADGM.
Another milestone was its tenfold expansion of its geographic area, bringing Al Reem Island under its jurisdiction, in addition to the existing Al Maryah Island, positioning the ADGM as one of the largest financial districts in the world with an area of 14.38 million square metres.
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
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Zayed Sustainability Prize
More coverage from the Future Forum
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The five pillars of Islam
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Mohammed bin Zayed Majlis
Company%C2%A0profile
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
Mohammed bin Zayed Majlis
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
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KILLING OF QASSEM SULEIMANI
