Abu Dhabi Global Market posted a 35 per cent growth in its assets under management last year, with the number of operational firms also rising by 32 per cent annually amid its ambitious expansion plans.
The number of firms in the centre rose to 1,825, up from 1,378 in 2022, with some of the new entrants including Brevan Howard, Ardian, Goldman Sachs, Blackstone, SBI Capital, Asian Infrastructure Investment Bank, Apollo and Vibrant Capital, ADGM said.
Several investment firms and hedge funds were set up within ADGM last year, with the total number of asset managers reaching 102, managing 141 funds.
A further 125 firms are also in the pipeline to be registered with the centre, it said.
Meanwhile, ADGM’s workforce rose 22 per cent annually to 13,394 last year.
“In merely eight years, we have become one of the world’s largest financial districts and the fastest-growing international financial centre in the region, for two years consecutively,” said Ahmed Al Zaabi, chairman of ADGM.
“We remain strongly positive as we move forward into 2024.”
ADGM is part of Abu Dhabi’s efforts to increase the financial sector’s contribution to the emirate’s economy and diversify away from oil.
Abu Dhabi’s non-oil gross domestic product expanded 8.6 per cent in the first nine months of last year, Statistics Centre Abu Dhabi said in December.
The emirate's total GDP for the January-September period grew by 2.8 per cent on an annual basis, despite fluctuations in the world's oil and gas markets.
In the third quarter, financial and insurance activities grew 14.4 per cent annually, boosting the sector's value to Dh18.7 billion ($5 billion) and contributing 6.4 per cent to Abu Dhabi's GDP, SCAD said.
To support the growth of its financial sector, in May, the government announced a tenfold expansion of ADGM by adding Reem Island to the financial free zone’s jurisdiction, expanding its area to about 1,438 hectares.
The move made the ADGM one of the world’s largest international financial districts.
A growing number of family offices and institutional investors are setting up base in Abu Dhabi’s financial hub amid robust economic momentum.
In April last year, Ray Dalio, the billionaire founder of Bridgewater Associates, the world's largest hedge fund that manages more than $150 billion in assets, said he was establishing a branch in ADGM as part of expansion in the Middle East.
In November, TCI Fund Management, controlled by billionaire hedge fund manager Sir Christopher Hohn, and the family office of technology entrepreneur Christian Angermayer, also set up offices in the centre.
ADGM said its growth last year also reflected its regulatory framework improvements that enabled collective investment funds to invest in credit through its private credit fund framework.
In the first half of last year, the centre also introduced a regulatory framework for sustainable finance, outlining regulations for funds, discretionary managed portfolios, bonds and sukuks to support the UAE's transition to net zero.
At Cop28 last year, the Global Climate Finance Centre was set up at ADGM to accelerate the development of climate finance frameworks and skills.
The financial centre will also host the $30 billion Alterra climate vehicle, which will seek to improve access to funding for the Global South.
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1.
2.
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4.
5.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
The specs
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Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
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- Source: Can be carried from distant regions
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Daniella Weiss and Nachala
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Harel Libi & Libi Construction and Infrastructure
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Top 10 locations for inquiries from US house hunters, according to Rightmove
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Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
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