Abu Dhabi Global Market records 211% surge in assets under management since Q1 2023

107 asset and fund managers operating in ADGM, currently managing 137 funds

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ADGM’s asset management sector began 2024 with vigour, witnessing an unprecedented influx of global asset managers.

Published: Mon 20 May 2024, 7:45 PM

ADGM, the international financial centre of the UAE’s capital, on Monday announced that it recorded an increase of 211 per cent in assets under management compared to the first quarter of the year 2023.

Ahmed Jasim Al Zaabi, Chairman of ADGM said, “Abu Dhabi once again affirms its position as the leading financial powerhouse of the MEASA region. This year holds the promise of even greater growth for ADGM and its ecosystem, marking a significant stride towards achieving Abu Dhabi’s economic goals and ambitions.”

ADGM’s asset management sector began 2024 with vigour, witnessing an unprecedented influx of global asset managers establishing operations in the IFC, and pushing the surge in the size of assets under management within ADGM. By the end of March 2024, the number of fund and asset managers operating in ADGM reached 107, managing 137 funds.

The attractiveness of ADGM as a holistic financial hub which stands as the sole jurisdiction in the region to adopt the direct application of English common law, has resulted in ongoing increase in the number and diversity of prominent regional and global firms establishing in ADGM. By the end of March 2024, the total number of operational entities in ADGM increased by 30 per cent compared to the same period last year, to reach 1950 including 291 financial services entities.

In response to unprecedented demand from major global asset managers in the hedge fund, private equity, and venture capital sectors, ADGM has embarked during the first quarter of this year on a trade mission to multiple countries, starting with the United States where more than 40 bilateral discussions with hedge funds, private equity funds, and venture capital firms at the iConnections Global Alts 2024. This event is recognised as the largest gathering for alternative investment professionals, providing an unparalleled platform for networking, collaboration, and the exchange of insights within the alternative investment landscape.

ADGM’s workforce has grown to over 25,000 individuals, working on Al Maryah Island, as more talented individuals choose Abu Dhabi as their destination to live, work, and thrive.

Abu Dhabi has been ranked as the best and safest city to live in the region offering a high quality of life with world-class amenities and infrastructure. Out of Abu Dhabi, ADGM is further enhancing its attractiveness as a preferred destination for professionals and investors alike.

In its 2024 Outlook, a comprehensive survey conducted among the ADGM community provides insight into the promising prospects for ADGM as a preferred destination. A total of 70.81 per cent of companies anticipate expanding their workforce in ADGM during 2024, with 29.93 per cent expecting significant increases and 40.88 per cent planning moderate growth in staffing.

Following the introduction of the DLT Foundations Regulations, ADGM signed a strategic partnership with Solana Foundation, a non-profit organisation dedicated to decentralisation, adoption, and security on Solana network. This partnership is dedicated to enhancing Distributed Ledger Technology (DLT) solutions and advancing blockchain innovation.