The Abu Dhabi Global Market, one of the fastest growing international financial hubs, has grown its assets under management by 52 per cent in the third quarter of this year as it continues to attract global businesses.
The centre welcomed more businesses and boosted the workforce to record levels in the July-September period, the ADGM said in a statement on Thursday.
Operational entities within the financial free zone grew by 35 per cent on an annual basis to 1,717 at the end of the third quarter this year. The ADGM Square’s workforce also rose by about 26 per cent year-on-year during the period, it said.
“Our exceptional performance across the last three quarters reflects the effectiveness and success of our transformational efforts, firmly establishing the ADGM as the region’s fastest-growing international financial centre,” Ahmed Al Zaabi, chairman of the ADGM, said.
“We will continue in our efforts to accelerate our momentum and further entrench the ADGM’s role as a key contributor to Abu Dhabi’s economic vision and its ambitious economic diversification objectives.”
The financial centre is at the heart of Abu Dhabi’s efforts to increase the financial sector’s contribution to the emirate’s economy.
In May, the government announced a tenfold expansion of the ADGM by adding Reem Island to the financial free zone’s jurisdiction as part of a Cabinet resolution.
Al Maryah Island is already part of the ADGM and with the new addition the district’s combined geographic area has grown to about 1,438 hectares, the ADGM said at the time.
The move makes the ADGM one of the world’s largest international financial districts.
The expansion will provide an “opportunity for Abu Dhabi to reinforce its position as a world-leading international financial centre and a global destination of choice”, said Mr Zaabi, who is also chairman of the Abu Dhabi Department of Economic Development.
The UAE, the Arab world’s second-largest economy, has been diversifying its economy from oil and seeks to attract more businesses as part of its diversification strategy.
The country has announced several new measures, including the expansion of the 10-year golden visa programme and free trade agreements with several countries to deepen ties with fast-growing economies across continents.
The country has also introduced the NextGenFDI, which offers incentives to digital companies to set up in the country.
Global financial and consulting institutions that have set up in the ADGM during the third quarter include Sagard, a global multi-strategy alternative asset management company with more than $14.5 billion of assets under management, Tikehau Capital, FTI Consulting and virtual assets platform M2.
Updated: November 16, 2023, 8:44 AM
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