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Over 70% of companies in ADGM plan workforce expansion in 2024

Asset management poised to take the lead, as respondents recognise its significant growth potential

A total of 70.81 per cent of companies operating in the Abu Dhabi Global Market (ADGM) anticipate expanding their workforce this year, with 29.93 per cent expecting significant increases and 40.88 per cent planning moderate growth in staffing, a study showed.

The survey, conducted among the ADGM community, indicates a strong growth trajectory in several sectors, with asset management poised to take the lead, as 18.56 per cent Of respondents recognise its significant growth potential. Following closely are the fintech and the fields of digital assets, blockchain, and distributed ledger technology (dlt), with 17.08 per cent And 16.83 per cent Of stakeholders banking on their rise, respectively. These sectors are reinforced by the growing interest in sustainable finance and private banking and wealth management, which are also projected to experience substantial growth. Furthermore, professional services are forecast to continue their upward trend, rounding out the sectors set for expansion within the dynamic financial landscape of the IFC.

The survey shed light on the unique attributes that define ADGM’s appeal as a business hub. Notably, 21.35 per cent of participants acknowledged the robust regulatory environment as a cornerstone of ADGM’s competitive edge. The market’s strategic location was also highlighted by 19.66 per cent of the survey pool, underlining ADGM’s role as a strategic gateway for tapping into the Middle East, Africa, and Southern Asia (MEASA) region and beyond. The multitude of networking opportunities (17.04 per cent), the exceptional quality of life (14.98 per cent), and the diverse community (14.04 per cent) were also recognised as key strengths that contribute to ADGM’s position as an attractive business destination. In addition, the availability of a skilled workforce, acknowledged by 11.24 per cent of respondents, emphasises the market’s capacity for attracting and fostering professional talent.

The confidence in ADGM is further reinforced by the readiness of the business community to recommend the IFC to businesses. An impressive 97.08 per cent of business leaders express a positive inclination towards endorsing ADGM. Among them, 71.53 per cent are ‘Highly likely’ and an additional 25.55 per cent consider themselves ‘Likely’ to recommend it. This substantial majority reflects the strong confidence in which ADGM’s world-class regulatory framework, advanced infrastructure, and exceptional business opportunities held within the global business community. Moreover, this is a clear reflection that ADGM’s comprehensive approach to fostering a supportive, innovative, and thriving business environment is clearly resonating with the global business community, positioning it as a leading IFC and a hub of economic activity for the future.

A combined 78.84 per cent of respondents endorse Abu Dhabi’s overall liveability positively. This endorsement highlights the city’s effectiveness in delivering an outstanding quality of life, supported by superior infrastructure, affordable living costs, and luxurious community facilities. Additionally, Abu Dhabi’s achievement in being ranked as the world’s safest city for the 8th consecutive year further underlines its excellence in ensuring the security and well-being of its residents, making it an even more attractive destination for both expatriates and nationals.