Assets managed in Abu Dhabi Global Market, the financial center within the capital of the United Arab Emirates, soared by 226% over the year ended June 30.
The number of fund and asset managers operating in ADGM reached 112, managing 141 funds by that date, compared to 102 asset managers managing 128 funds as of June 30, 2023.
Asset managers that have been granted a license to operate as financial services providers within ADGM include AXA IM and Morgan Stanley Investment Management, according to a news release.
The number of financial services permissions granted by the center, essentially permission to operate from and run an office within the ADGM, during the first six months of 2024 was 42 — a growth of more than 90% compared to the six months ended June 30, 2023, when 22 FSPs were issued.
Several firms also received in-principle approval, which grants the right to operate in the ADGM once pre-conditions such as establishing a permanent office in the UAE and opening a national bank account, are met. Firms receiving this approval included Blue Owl, Fiera Capital, and Ninety One Gulf Capital.
"As a catalyst for Abu Dhabi's financial sector, ADGM's 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,” Ahmed Jasim Al Zaabi, chairman of ADGM said in a news release.
In May, ADGM hosted the second edition of the UAE-France Investors Meetup. This was led by Bruno Le Maire, the French Minister of Economy, and attended by 24 French asset management firms with $1.6 trillion in AUM.
The UAE was also the host of the COP 28 international climate conference in 2023, and ADGM introduced a sustainable finance framework the same year.
Spokespeople for the ADGM could not immediately be reached for comment.
