In a testament to its rapid growth and international prominence, Abu Dhabi Global Market (ADGM) has declared 2023 as a year of resounding success. Positioned as the fastest-growing financial center in the region for two consecutive years, ADGM has solidified Abu Dhabi’s status as a globally recognized financial hub.
The year 2023 saw ADGM experiencing significant expansion, building upon the momentum of the previous year. Quarter after quarter, the center demonstrated remarkable growth across all key metrics, setting the stage for yet another record-breaking year in its eight-year operational journey.
A standout performer in ADGM’s growth trajectory was its asset management sector, which saw an impressive 35% increase in assets under management (AUM) compared to the previous year. This surge in AUM attracted a plethora of global asset managers, with 102 now operating within ADGM, collectively managing 141 funds. Notably, enhancements to ADGM’s regulatory framework played a pivotal role in facilitating this growth, enabling collective investment funds to invest in credit facilities through its private credit fund framework.
Furthermore, ADGM has emerged as a preferred destination for businesses seeking to establish a presence in the region. The center witnessed a surge in operational entities, which grew by 32% compared to the previous year, reaching a total of 1,825 entities. Among these are global giants such as Brevan Howard, Ardian, and Goldman Sachs, as well as local and regional entities like ADQ and Gulf Capital. Moreover, 88 financial institutions and two exchanges received in-principle approvals (IPA) from ADGM, with a significant portion belonging to the asset management sector.
This growth in operational entities has been complemented by an expansion in ADGM’s workforce, which now stands at 13,394 employees—an increase of 22% in just one year. Global financial institutions and investment banks based within ADGM, such as JP Morgan and BNP Paribas, have been expanding their service offerings and teams, further enhancing the center’s capabilities.
Ahmed Al Jasim Al Zaabi, Chairman of ADGM, hailed 2023 as a year of exceptional growth, attributing it to ADGM’s alignment with Abu Dhabi’s goals for economic diversification. ADGM’s strategic initiatives, such as the ADGM Growth Strategy 2023-2027, have propelled it to the forefront of the global financial landscape, enhancing Abu Dhabi’s international standing as the ‘capital of capital.’
Looking ahead, ADGM remains optimistic about the future, with plans to continue its growth trajectory in 2024. With a steadfast commitment to its vision and the unwavering support of the UAE leadership, ADGM is poised to solidify its position as a leading global financial hub.
In conclusion, ADGM’s remarkable performance in 2023 underscores its pivotal role in driving economic growth and prosperity in Abu Dhabi and the wider region. As it continues to attract global talent and investment, ADGM is set to play an increasingly influential role in shaping the future of international finance.
