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Abu Dhabi Global Market reports rapid growth

By Pramod Kumar
ADGM said assets under management grew by 35%, with 102 asset managers managing 141 funds in 2023 ADGM
ADGM said assets under management grew by 35%, with 102 asset managers managing 141 funds in 2023

Abu Dhabi Global Market (ADGM) said that over 125 companies are in the pipeline to be registered, as the international financial centre reported continued growth.

Assets under management (AUM) grew by 35 percent in 2023, with 102 asset managers managing 141 funds, ADGM said in a statement.

While it did not give the total value of AUM, ADGM claims to be the “fastest-growing” financial centre in the region for two consecutive years.

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The total number of operational entities rose to 1,825 last year, up 32 percent year on year. In addition, 88 financial institutions and two exchanges received in-principle approvals, a significant number of which were from the asset management sector.  

ADGM’s workforce also climbed to 13,394, a 22 percent rise year on year.  

“In merely eight years, we have become one of the world’s largest financial districts and the fastest-growing international financial centre in the region for two years consecutively,” said Ahmed Al Jasim Al Zaabi, chairman of ADGM.

“We remain strongly positive as we move forward into 2024,” he added.

ADGM is in the final stages of declaring its outlook for the current year.

In May 2023, ADGM announced a tenfold expansion by bringing Al Reem Island under its jurisdiction, making it one of the world’s largest international financial districts with a geographic area of 14.38 million sq m.

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