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.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Company%20Profile
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Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
FIXTURES
Saturday
5.30pm: Shabab Al Ahli v Al Wahda
5.30pm: Khorfakkan v Baniyas
8.15pm: Hatta v Ajman
8.15pm: Sharjah v Al Ain
Sunday
5.30pm: Kalba v Al Jazira
5.30pm: Fujairah v Al Dhafra
8.15pm: Al Nasr v Al Wasl
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
HOW TO WATCH
Facebook: TheNationalNews
Twitter: @thenationalnews
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TikTok: @thenationalnews
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
UAE currency: the story behind the money in your pockets
SHAITTAN
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
