The Abu Dhabi Global Market (ADGM), a leading international financial center in the United Arab Emirates, witnessed a phenomenal surge in its assets under management (AUM) during the first quarter of 2024. This upswing, driven by an influx of global asset managers, propelled ADGM's AUM by a staggering 211% compared to the first quarter of 2023.
This remarkable growth strengthens ADGM's position as a major player in the global financial arena. The financial center has seen a significant rise in its appeal, attracting a growing number of financial institutions and investors. This is further evidenced by a 30% year-on-year increase in operational entities within ADGM, reaching a total of 1, 950 by the end of March 2024. The number of financial services firms also saw a substantial increase, reaching 291.
A key factor contributing to ADGM's AUM surge is the arrival of a significant number of global asset and fund managers. By the close of the first quarter, 107 such entities were operating within ADGM, collectively managing 137 funds. This influx of expertise and capital has significantly bolstered the financial center's offerings and investment landscape.
Analysts attribute ADGM's success to a number of factors, including its robust regulatory framework, commitment to innovation, and strategic geographic location. The financial center has established itself as a gateway for investment between the Middle East, North Africa, and South Asia, offering a bridge for international capital to flow into the region.
Looking ahead, ADGM is well-positioned to maintain its growth trajectory. The financial center's ongoing efforts to develop a dynamic and diversified financial ecosystem, coupled with its commitment to attracting leading financial institutions, are expected to solidify its role as a prominent global financial hub.