ADGM Sees Major Growth in H1 2024, Boosting Abu Dhabi’s Financial Sector

Abu Dhabi Global Market (ADGM) has reported impressive growth during the first half of 2024, solidifying its position as one of the fastest-growing international financial centers. The financial hub issued 1,271 new licenses in the first six months of the year, a 20.5% increase compared to the same period in 2023, reflecting the growing confidence of global financial institutions in Abu Dhabi as a leading financial hub.

This surge in licenses is part of ADGM’s broader growth strategy, which aligns with Abu Dhabi’s vision to diversify its economy away from oil dependency. Notably, the number of operational entities within ADGM reached 2,088 by the end of June 2024, including 231 financial services entities, representing a significant 31% increase over the previous year.

A key highlight of ADGM’s performance was the dramatic rise in Assets Under Management (AUM), which soared by 226% compared to the same period last year. This surge underscores ADGM’s increasing attractiveness to global asset managers and financial firms, making it a cornerstone of Abu Dhabi’s financial ecosystem.

Chairman Ahmed Jasim Al Zaabi emphasized ADGM’s role in propelling Abu Dhabi’s financial sector to new heights, noting that its strategic initiatives have been instrumental in positioning Abu Dhabi as a premier destination for global capital and talent. ADGM’s commitment to innovation and strategic development is seen as a driving force behind the UAE capital’s growing stature as a global financial powerhouse.

This exceptional growth is part of the ADGM Growth Strategy 2023-2027, which aims to further enhance Abu Dhabi’s non-oil economy and solidify its position as the “Capital of Capital.” The growth trajectory is expected to continue as ADGM capitalizes on emerging opportunities and strengthens its role in the global financial landscape.