Abu Dhabi Global Market (ADGM) said it issued 1,271 new licences in the first half of 2024, a 20.5 percent increase from the corresponding period last year.
There are now 2,088 companies operating at ADGM, including 231 financial services entities, which represents a 31 percent increase compared to H1 2023.
ADGM also granted new Financial Services Permissions (FSP), which have taken their number to 42 currently, a 90 percent growth compared to June 2023, when just 22 FSPs were issued.
In the first six months of 2024, Assets Under Management (AUM) grew by 226 percent compared to the same period last year. There are now 112 fund and asset managers operating in ADGM, managing 141 funds.
Ahmed Jasim Al Zaabi, Chairman of ADGM said that the international financial centre (IFC) of the UAE’s capital is now the fastest-growing financial centre and the only jurisdiction with the direct application of the English Common Law in the region.
“As a catalyst for Abu Dhabi’s financial sector, ADGM’s remarkable growth in the first half of 2024 fosters Abu Dhabi’s position as a premier hub and a destination of choice for global, regional and local corporations and financial institutions,” said Al Zaabi.
“ADGM’s strategies have been aligned with Abu Dhabi’s visionary leadership to position the UAE’s capital as a leading international financial centre.
“ADGM’s contribution to Abu Dhabi’s sustainable economic growth will continue to capitalise on opportunities that will further elevate the emirate’s Falcon Economy to unprecedented heights.”
The momentum of ADGM bolsters the financial sector’s contribution to Abu Dhabi’s non-oil economy, which grew to 9.7 percent in Q1 2024.
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