ADFC sees 31 percent growth in new firms, asset expansion
Date
8/15/2024 9:02:36 AM
(MENAFN) In the first half of this year, Abu Dhabi's financial centre, the Abu Dhabi Global Market (ADGM), experienced a notable 31 percent increase in the number of companies establishing operations within its precincts. This surge includes prominent financial services firms such as Morgan Stanley, alongside a growing roster of banks, hedge funds, family offices, venture capital firms, and cryptocurrency traders. Abu Dhabi has become an attractive destination due to its rich market environment, which includes major sovereign wealth funds like the Abu Dhabi Investment Authority, Mubadala, and ADQ.
High-profile figures, including Ray Dalio, the billionaire founder of Bridgewater Associates, have opened branches of their family offices in Abu Dhabi, reflecting the city's rising appeal. Similarly, established banks such as Goldman Sachs and Rothschild, which previously favored Dubai as their regional hub, are now expanding their presence in Abu Dhabi and Riyadh. This shift underscores a broader trend of financial institutions recognizing the strategic value of the UAE capital.
Abu Dhabi's financial centre is not only witnessing a rise in company registrations but also in commercial real estate demand and expansion efforts. The centre is significantly increasing its footprint by adding Reem Island to its current location on Al Maryah Island. In the first six months of 2024, the Abu Dhabi financial centre issued 1,271 new licenses, marking a 20.5 percent rise compared to the same period last year. By the end of June, the total number of companies headquartered there reached 2,088, while assets under management surged by 226 percent. The centre now hosts 112 fund and asset managers overseeing 141 funds, highlighting its growing prominence in the financial landscape.
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