The Abu Dhabi Global Market, one of the fastest growing international financial hubs, has grown its assets under management by 52 per cent in the third quarter of this year as it continues to attract global businesses.
The centre welcomed more businesses and boosted the workforce to record levels in the July-September period, the ADGM said in a statement on Thursday.
Operational entities within the financial free zone grew by 35 per cent on an annual basis to 1,717 at the end of the third quarter this year. The ADGM Square’s workforce also rose by about 26 per cent year-on-year during the period, it said.
“Our exceptional performance across the last three quarters reflects the effectiveness and success of our transformational efforts, firmly establishing the ADGM as the region's fastest-growing international financial centre,” Ahmed Al Zaabi, chairman of the ADGM, said.
“We will continue in our efforts to accelerate our momentum and further entrench the ADGM's role as a key contributor to Abu Dhabi's economic vision and its ambitious economic diversification objectives.”
The financial centre is at the heart of Abu Dhabi’s efforts to increase the financial sector’s contribution to the emirate’s economy.
In May, the government announced a tenfold expansion of the ADGM by adding Reem Island to the financial free zone’s jurisdiction as part of a Cabinet resolution.
Al Maryah Island is already part of the ADGM and with the new addition the district's combined geographic area has grown to about 1,438 hectares, the ADGM said at the time.
The move makes the ADGM one of the world’s largest international financial districts.
The expansion will provide an “opportunity for Abu Dhabi to reinforce its position as a world-leading international financial centre and a global destination of choice”, said Mr Zaabi, who is also chairman of the Abu Dhabi Department of Economic Development.
The UAE, the Arab world’s second-largest economy, has been diversifying its economy from oil and seeks to attract more businesses as part of its diversification strategy.
The country has announced several new measures, including the expansion of the 10-year golden visa programme and free trade agreements with several countries to deepen ties with fast-growing economies across continents.
The country has also introduced the NextGenFDI, which offers incentives to digital companies to set up in the country.
Global financial and consulting institutions that have set up in the ADGM during the third quarter include Sagard, a global multi-strategy alternative asset management company with more than $14.5 billion of assets under management, Tikehau Capital, FTI Consulting and virtual assets platform M2.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
More on animal trafficking
COMPANY%20PROFILE
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
