Abu Dhabi Finance Week, ADGM's key financial event, will begin today as the UAE capital continues to attract global asset managers amid its economic diversification efforts.
Double seems to be the common theme this year with Welcome to the Capital of Capital as the banner for the third edition of the event, taking place from December 9-12.
The number of asset and fund managers operating within the jurisdiction reached 128 by the end of the third quarter, managing 156 funds, with the rise of assets under management in the centre not only doubling, but tripling, with a 215 per cent annual increase in the three-month period. This demonstrates increased participation in ADGM and its business events, according to the event's organiser. More than 20,000 delegates from 100 countries are expected to attend Abu Dhabi Finance Week.
“The growth of ADFW as a platform is in many ways correlational to the growth of ADGM as a marketplace,” said Chris Hughes, the finance event's editor-in-chief.
“The demand, to speak, at this year's edition has been quite literally off the charts. We’ve gone from 290 speakers in 2023 to 620 in 2024,” he told The National. This increased demand also led to the establishment of a second event taking place this week ahead of ADFW called Abu Dhabi Business Week that focuses on aspects beyond finance that nurture economic activity.
Mr Hughes said that over the past year, ADGM visited locations such as Shanghai, Paris, New York and others to promote ADGM and ADFW and demonstrated that the demand for setting up meetings had reached a tipping point.
“Our initial objective with ADFW was to become an important annual meeting for the regional marketplace,” Mr Hughes said. “Now with the senior leadership of over $42 trillion of AUM visiting the same event at the same time, it’s clear we are likely now one of the most important financial gatherings in the world.”
People are no longer “primarily coming to fundraise from Abu Dhabi. It’s a much more nuanced dynamic now”, Mr Hughes added.
ADGM, which has expanded its jurisdiction to include Reem Island, has seen an influx of key global asset managers. Among the companies that have set up operations in the financial centre in the third quarter are PGIM, a $1.33 trillion US asset manager, Stonepeak, a US-based alternative investment company with $71.2 billion of assets under management and Nuveen, which manages $1.2 trillion of assets. Last month, BlackRock, the world's biggest asset manager, also received a commercial licence to operate in Abu Dhabi.
“We've been covering the region with a very successful coverage model,” Mohammed Abdulmalek, head of Middle East at PGIM told The National.
“Opening an office in Abu Dhabi is an add on to that strategy, and we want to align ourselves with Abu Dhabi's very promising growth story, not only by bringing our capabilities, but by striving to see the world from their perspective.”
The company, which serves financial institutions, sovereign wealth funds and sophisticated family offices, aims to grow its clients in the region through the new office.
“We want to enhance that through the local set-up, as well as grow beyond to things that we didn't have the bandwidth to cover from abroad. Now we are in the region, we will be able to go to a broader spectrum of clientele base.”
Growth drivers
Abu Dhabi Finance Week is set to discuss Abu Dhabi’s falcon economy and key drivers of its growth, the importance of the Global South as well as growing economic relations between the UAE and China.
Speakers include Larry Fink, chairman and chief executive of BlackRock, the world’s biggest asset manager, Georges Elhedery, group chief executive of HSBC and Ray Dalio, the billionaire founder of Bridgewater Associates, the world's largest hedge fund.
Artificial intelligence will also be in focus as the UAE focuses on developing the advanced technology sector with investments from global companies. In April, Microsoft announced $1.5 billion worth of investments in Abu Dhabi's G42 in a boost to UAE's AI ambitions.
Bitcoin will also be placed front and centre, with the Binance chief outlining the vision for the next phase of growth for the company. Abu Dhabi is also hosting another event around crypto named Bitcoin Mena, highlighting the importance of crypto and developing its use in the emirates.
UAE-China strengthening relations
The UAE-China economic ties, which are strengthening on the back of growing trade and investment between the two countries, will be another area of focus.
China is the UAE’s leading trade partner with non-oil bilateral trade worth Dh296 billion ($81 billion) last year, up 4.2 per cent from the previous year.
Last month, Abu Dhabi clean energy company Masdar and China’s Silk Road Fund signed an initial agreement to jointly invest in renewable energy projects in Belt and Road Initiative countries, mainly in developing countries. The Silk Road Fund plans to invest up to 20 billion yuan ($2.76 billion) in projects alongside Masdar.
The UAE's entry into Brics along with other countries this year is expected to further boost ties with China.
“At a time of global dislocation and fragmentation, the UAE led by Abu Dhabi is creating new linkages,” Nasser Saidi, president of Nasser Saidi and Associates told The National.
The UAE-China relationship “has gone beyond the traditional trade and investment route and moved on to co-operation in the financial sector, technology, renewable energy, tourism and even education”, Mr Saidi said. Increased integration in banking and payments systems between the two countries is expected in the medium term “which would ably support trade and investment flows”, he added.
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
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
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.”
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
Abu Dhabi Sustainability Week
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Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Results:
6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)
7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar
7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash
8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe
8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson
9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar
10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
