Abu Dhabi Global Market ( ADGM ), the international financial centre in the capital city of the United Arab Emirates ( UAE ), recorded a substantial increase of 215% in total assets under management ( AUM ) in Q3 2024 compared with Q3 2023, demonstrating, the centre says, its rapid ascent as a top asset management hub in the Middle East and North Africa ( MENA ) region, and highlighting its ability to attract high-calibre asset managers, investment funds and private equity firms.

The centre, as of end-Q3, according to ADGM, has a total of 128 fund and asset managers, managing 156 funds. Q3 joiners include PGIM, Nuveen, Elysium Management, Stonepeak and Gemcorp Capital.

In Q3, the centre saw a 33% rise in the number of newly issued business licences compared with the same period last year. A total of 759 new licences were issued over the period to financial, non-financial and retail firms.

The total number of operational entities within the centre’s jurisdiction jumped to 2,251, an impressive 31% year-on-year growth. The surge reflects strong demand from a diverse range of sectors, including asset management, fintech and professional services, within its ecosystem.

Furthermore, the workforce within the centre’s jurisdiction has been steadily increasing with more and more businesses joining its ecosystem marking an increase of 35% in the overall workforce.

The centre’s growth continues to align with Abu Dhabi’s economic growth, which registered a 6.6% growth in non-oil GDP, in Q2 2024.

In line with the centre’s mission to enhance global connectivity and attract investments, it participated in a series of international roadshows during Q3. One of the major ones involved several high-level engagements in China and Hong Kong to celebrate 40 years of bilateral relations between the UAE and China. 

Furthermore, the centre’s delegations continued their series of engagements with financial leaders and authorities in the international market covering Singapore, London, Washington DC and New York, bringing the total number of bilateral discussions to more than 150 across key international markets. 

Going forward, the centre is set to host the third edition of its flagship event series, Abu Dhabi Finance Week in December, an event expected to bring over 20,000 delegates to explore the theme of ‘Welcome to the Capital of Capital’.

“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,” says Ahmed Jasim Al Zaabi, the centre’s chairman. “The continued influx of businesses and investors into ADGM highlights Abu Dhabi's competitive advantage in the global financial industry and the growth of the ‘falcon economy’.”