Abu Dhabi Global Market Achieves Record Growth In Q3 With 215% Assets Under Management Increase

Abu Dhabi Global Market (ADGM) has achieved remarkable growth in the third quarter of 2024, with a 215% rise in total Assets Under Management (AUM), compared to the same period in 2023.

This increase solidifies ADGM's position as a leading asset management hub in the MENA region, attracting top-tier asset managers, investment funds, and private equity firms. By the end of Q3 2024, ADGM had 128 fund and asset managers overseeing 156 funds.

These results highlight ADGM's role in supporting Abu Dhabi's strategy to diversify its economy and become a global hub for finance, investment, and innovation. The growth aligns with Abu Dhabi's broader economic performance, which saw a 6.6% rise in non-oil GDP in Q2 2024.

"Our record-breaking achievements in Q3 exemplify the appeal of ADGM's world-class ecosystem that brings together a stable regulatory environment, strategic location and ease of doing business," the chairman of ADGM, Ahmed Jasim Al Zaabi, said, WAM reported.

The steady increase in businesses and investors at ADGM showcases Abu Dhabi's strong position in the global financial industry and the expansion of its Falcon Economy. ADGM remains focused on maintaining this momentum by fostering growth and innovation that benefits not only Abu Dhabi and the UAE but also the global financial community.

During Q3 2024, ADGM welcomed notable new entrants, including PGIM, Nuveen, and Elysium Management. PGIM manages $1.33 trillion in assets, while Nuveen oversees $1.2 trillion. Other additions include Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Gemcorp Capital.

ADGM also experienced a 33% increase in newly issued business licenses compared to Q3 2023, with 759 licenses granted to financial, non-financial, and retail firms. This brought the total number of operational entities within its jurisdiction to 2,251, showing a 31% year-on-year growth.

ADGM's regulatory framework is based on English Common Law, ensuring clarity and reliability. This approach has attracted global companies and strengthened its position as a trusted financial center.

To meet the changing needs of its growing ecosystem, ADGM has introduced several regulatory improvements. These include a new whistleblowing framework to promote transparency, accountability, and market integrity within its financial hub.

Furthermore, its Financial Services Regulatory Authority is working on enhancing regulations for digital assets. A recent proposal outlines the issuance of Fiat-Referenced Tokens, a stablecoin backed by high-quality, easily sellable holdings in the same currency as the token, ensuring quick and minimal-risk liquidation.