Sigma Capital

03-03-2025

ADGM sees 245% growth in assets under management in 2024

Source: MIST

(WAM)-


Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, experienced unprecedented growth in 2024, with assets under management (AUM) surging 245 percent.

The expansion to Al Reem Island was successfully completed, reinforcing Abu Dhabi’s status as the ‘Capital of Capital.’

Ahmed Jasim Al Zaabi, Chairman of ADGM, said, “Abu Dhabi stands at the forefront of global finance, exemplifying stability, ambition, and economic growth. As the ‘Falcon Economy’ strengthens its position as a premier destination for investment and innovation, ADGM plays a key role in supporting this growth.”

ADGM saw a 245 percent increase in AUM in 2024, compared to 35 percent in 2023, now hosting 134 asset and fund managers overseeing 166 funds. The number of financial institutions rose to 275, with 79 newly licensed firms, including BlackRock, Polen Capital, PGIM, Nuveen, General Atlantic, Lone Star Funds, Investindustrial, Marshall Wace, AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services and Morgan Stanley.

Following ADGM’s jurisdictional expansion to Al Reem Island in 2023, integration was completed by the end of 2024, bringing in 1,100 businesses. ADGM introduced incentives such as fee exemptions for non-financial and retail businesses on Al Reem Island until 31st December 2024. The total number of operational entities grew to 2,381, marking a 32 percent year-on-year increase, with workforce numbers rising by 39 percent.

Numou, ADGM’s SME lending platform, strengthened its position in 2024 by expanding its partner network, including Khalifa Fund for Enterprise Development and private credit providers such as Credible-X, Klubworks and NymCard Payment Technologies.

In 2024, ADGM’s Financial Services Regulatory Authority (FSRA) introduced frameworks for fiat-referenced tokens (stablecoins), ESG Greenwashing guidance, IT Risk Management and updated Prudential Rules in line with Basel Committee recommendations. A whistleblowing framework was also launched, including a dedicated reporting portal.

The Registration Authority (RA) enhanced Real Property Regulations, introduced off-plan development regulations, and launched AccessRP, a digital real estate transaction platform.

ADGM reaffirmed its role in sustainable finance with a discussion paper on the region’s first comprehensive Sustainable Finance Regulatory Framework. Key asset managers focused on sustainable investing—including TPG, Patrizia, Alterra, Fiera Capital, Nuveen, Kimmeridge, Marshall Wace, PGIM, Polen Capital, Joy Capital, BlackRock, General Atlantic, Ninety One, Golub Capital, APAX and AXA IM—established operations in ADGM.

The FSRA granted Green Fund Designation to Vortex Energy IV, a US$1.8 billion AUM firm backed by Abu Dhabi’s sovereign wealth funds and institutional investors. ADGM also welcomed 44 new signatories to the Abu Dhabi Sustainable Finance Declaration, raising the total to 160.

An increasing number of global family offices and billionaires established operations in ADGM in 2024, including Leon Black’s Elysium Management. Other prominent names include British businessman Asif Aziz, philanthropist Wafic Said, and Singaporean entrepreneur Kishin RK.

ADGM strengthened its global reach through roadshows in major financial hubs, including New York, Washington, Paris, Switzerland, Hong Kong, Shanghai, Singapore and London. These engagements resulted in over 300 bilateral discussions with institutional investors, asset managers and financial leaders.

ADGM Academy (ADGMA) expanded in 2024, doubling its physical space and enhancing its offerings in assessments, qualifications, consultancy and executive coaching. Over 2,000 UAE Nationals were trained and placed in key financial and fintech roles.

The ADGMA Research Centre published 11 reports on AI, fintech, cybersecurity and digital transformation. The academy also secured eight global accreditations and signed 25 MoUs with institutions such as MIT, WMI and Ray Dalio, alongside UAE federal entities like GPSAA and the Federal Tax Authority.