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.
SOUTH%20KOREA%20SQUAD
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RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.
3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi
4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani
4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri
KILLING OF QASSEM SULEIMANI
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
CREW
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Mohammed bin Zayed Majlis
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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