Abu Dhabi's ADGM has seen a rise in asset and fund managers, with assets under management in the financial hub rising by 215 per cent annually in the third quarter of 2024.
The number of asset and fund managers operating within the jurisdiction reached 128, managing 156 funds by the end of the September quarter. Some of the new entrants during the last quarter include PGIM, a $1.33 trillion US asset manager; Elysium Management; Gemcorp Capital; Stonepeak, a US-based alternative investment company with $71.2 billion of assets under management; and Nuveen, which manages $1.2 trillion of assets.
This month, BlackRock, the world's biggest asset manager, also said it received a commercial licence to operate in Abu Dhabi, as the UAE capital emerges as a global hotspot for finance. New York-based BlackRock, which has nearly $11.5 trillion in assets under management, also plans to obtain regulatory authorisation to operate at ADGM, it said.
“The continued influx of businesses and investors into ADGM highlights Abu Dhabi’s competitive advantage in the global financial industry and the growth of the Falcon Economy,” said Ahmed Al Zaabi, chairman of ADGM.
Mr Al Zaabi attributed the growth to its “stable regulatory environment, strategic location and ease of doing business”, emphasising ADGM’s global appeal for institutional investors and businesses.
In the July-September period, newly issued business licences in ADGM increased by 33 per cent year-on-year to 759, spanning financial, non-financial and retail firms.
The continued influx of businesses and investors into ADGM highlights Abu Dhabi’s competitive advantage in the global financial industry
Ahmed Al Zaabi,
chairman of ADGM
The total number of operational entities within ADGM’s jurisdiction increased to 2,251, up 31 per cent on an annual basis, reflecting strong demand from sectors like asset management, financial technology and professional services.
Since the third quarter of last year, there has been an influx of 4,433 workers, marking an increase of 35 per cent in the overall workforce within the ADGM jurisdiction.
The financial centre’s growth aligns with Abu Dhabi’s broader economic diversification goals, with the emirate’s economy registering a 4.1 per cent annualised growth in the second quarter of this year.
Growth was driven by the emirate’s non-oil sector, which expanded by 6.6 per cent during the period, reaching a record Dh164.2 billion ($44.7 billion). The non-oil sector's share of the emirate's economy rose to more than 55.2 per cent, its highest since late 2014.
Abu Dhabi, which accounts for the bulk of the UAE's oil and gas production, is striving to diversify its economy away from hydrocarbons and expand its non-oil industrial base across sectors such as hospitality, real estate, infrastructure and technology.
This growth comes as ADGM continues its expansion to Al Reem Island, introduces regulatory enhancements, and prepares to host Abu Dhabi Finance Week next month, expected to attract more than 20,000 delegates.
In March, ADGM also announced an initiative to support the transition, exempting businesses operating within the non-financial and retail sectors on Al Reem Island from paying any fees to obtain an ADGM commercial licence until October 31. This date is now extended to December 31.
ADGM has also signed an initial agreement with the Department of Municipalities and Transport to enable the transfer of real estate services within centre’s expanded jurisdiction.
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Australia men's Test cricket fixtures 2021/22
One-off Test v Afghanistan:
Nov 27-Dec 1: Blundstone Arena, Hobart
The Ashes v England:
Dec 8-12: 1st Test, Gabba, Brisbane
Dec 16-20: 2nd Test, Adelaide Oval, Adelaide (day/night)
Dec 26-30: 3rd Test, Melbourne Cricket Ground, Melbourne
Jan 5-9, 2022: 4th Test, Sydney Cricket Ground, Sydney
Jan 14-18: 5th Test, Optus Stadium, Perth
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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
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
