Abu Dhabi Global Market Witnesses Rapid Growth; Issues 1,271 New Licenses In H1 2024

Abu Dhabi Global Market (ADGM) continued to rise rapidly in the first half of 2024. The international financial center of the UAE's capital issued 1,271 new licenses, which is 20.5% more compared to last year.

ADGM's progress has helped boost the financial sector's role in Abu Dhabi's non-oil economy, which grew by 9.7% in the first quarter of 2024. It is becoming a global hub for asset management firms, top talent, and investments, firming Abu Dhabi's reputation as the "Capital of Capital."

"As a catalyst for Abu Dhabi's financial sector, ADGM's remarkable growth in the first half of 2024 fosters Abu Dhabi's position as a premiere hub and a destination of choice for global, regional and local corporations and financial institutions," Jasim Al Zaabi, Chairman of ADGM Ahmed, was quoted as saying by WAM.

He explained that the ADGM's strategies are in line with Abu Dhabi's vision to make the UAE's capital a top international financial center.

By creating a strong ecosystem and focusing on innovation, excellence, and strategic development, ADGM is proud to have made significant progress toward achieving the goals of the ADGM Growth Strategy 2023-2027, highlighting the rapid growth of Abu Dhabi's financial sector, as per Al Zaabi.

"ADGM's contribution to Abu Dhabi's stature as a global financial powerhouse and its sustainable economic growth will continue to capitalize on opportunities that will further elevate Abu Dhabi's Falcon Economy to unprecedented heights throughout this exceptionally successful year and beyond," he added.

ADGM's strong growth in the first half of 2024 is partly due to a significant rise in operational entities, reaching 2,088 including 231 in financial services — a 31% increase from the same period in 2023.

Furthermore, the number of Financial Services Permissions (FSP) granted in the first six months was 42, up over 90% from 22 in June 2023. The asset management sector at ADGM is thriving with a notable increase in Assets Under Management (AUM) and the number of global asset managers, firms, and funds based there.

In the first half of 2024, AUM grew by 226%, and by the end of June 2024, ADGM had 112 fund and asset managers operating there, managing 141 funds.

Earlier this month, ADGM finished a series of important meetings in China and took part in the Shanghai Investment Summit organized by the Abu Dhabi Investment Office (ADIO). The event featured 200 industry and financial leaders from China and Hong Kong.