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ADGM reports 31% increase in registered entities in H1

By Pramod Kumar
Assets under management at ADGM rose by 226 percent year on year in the first half of 2024 ADGM
Assets under management at ADGM rose by 226 percent year on year in the first half of 2024

Abu Dhabi Global Market (ADGM), a financial free zone in the UAE capital, reported a 31 percent year-on-year increase in the number of registered entities to 2,088, including 231 in financial services.

Assets under management rose by 226 percent year on year in the first half. By June 2024, ADGM had 112 fund and asset managers overseeing 141 funds.

There was also a 21 percent year-on-year increase in new licences to 1,271 in the first half of 2024, reinforcing the emirate’s position as a premier financial hub.

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The momentum bolstered the financial sector’s impact on Abu Dhabi’s non-oil economy, which saw nearly 10 percent growth in the first quarter of 2024.

The issuance of financial services permissions reached 42, surging 90 percent year on year.

ADGM’s workforce at Al Maryah Island increased by more than 2,500 individuals, compared to the end of June 2023. Almost 71 percent of companies said they anticipate expanding their workforce during 2024, according to ADGM’s outlook survey conducted in the first half.

In May 2023, the financial centre 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.

ADGM will cut fees for non-financial businesses by 50 percent to minimise potential disruptions for businesses in Al Reem Island during the zone’s expansion phase from January 1, 2025.

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