ADGM’s asset management sector is experiencing significant growth in 2024, with a 211% increase in assets under management compared to the previous year. This surge is attributed to the influx of global asset managers establishing operations in the International Financial Centre (IFC) of Abu Dhabi. The number of fund and asset managers operating in ADGM has reached 107, managing 137 funds by the end of March 2024.
The appeal of ADGM as a comprehensive financial hub, with the direct application of English common law, has attracted a diverse range of regional and global firms to establish their presence in the region. The total number of operational entities in ADGM has increased by 30% compared to the previous year, reaching 1950, including 291 financial services entities. This growth underscores ADGM’s position as a prominent financial powerhouse in the MEASA region.
To meet the demand from major global asset managers in sectors such as hedge funds, private equity, and venture capital, ADGM embarked on a trade mission to multiple countries, starting with the United States. More than 40 bilateral discussions were held with various alternative investment firms at the iConnections Global Alts 2024 event, providing a platform for networking, collaboration, and knowledge exchange within the industry.
The workforce in ADGM has expanded to over 25,000 individuals, with talented professionals choosing Abu Dhabi as their destination for career growth and development. Abu Dhabi has been ranked as the best and safest city in the region to live in, offering a high quality of life and world-class amenities. ADGM’s increasing attractiveness as a preferred destination for professionals and investors is further enhanced by its strategic partnerships and initiatives to drive innovation in the financial sector.
In its 2024 Outlook, a survey conducted among the ADGM community revealed promising prospects for the region as a preferred destination for business expansion. 70.81% of companies anticipate expanding their workforce in ADGM during the year, with a significant portion planning moderate to significant growth in staffing. This positive sentiment reflects the confidence in ADGM’s growth trajectory and potential as a leading financial centre in the region.
One of the key strategic partnerships signed by ADGM is with the Solana Foundation, dedicated to enhancing Distributed Ledger Technology (DLT) solutions and advancing blockchain innovation. This partnership aims to drive innovation in the blockchain sector and position ADGM as a hub for cutting-edge technology solutions in the financial industry. With a focus on collaboration and growth, ADGM is set to continue its upward trajectory as a prominent player in the global asset management sector.
