Data released on Wednesday revealed that at the end of June 2024, the international financial centre (IFC) of the capital of the United Arab Emirates, Abu Dhabi Global Market (ADGM), issued 1,271 new licenses, which is 20.5% more than it did the previous year.
With a noteworthy increase in AUM, global asset managers, firms, and funds being anchored, the asset management industry within ADGM is still thriving. AUM increased by 226 percent in the first half of 2024 when compared to the same period the previous year. 112 fund and asset managers were active in ADGM as of the end of June 2024, overseeing 141 funds.
Asset management is still the main driver of ADGM growth. Still, other financial services companies in the banking, wealth management, insurance, and other sectors have also joined the ecosystem by obtaining an IPA or an FSP. Within these industries, Barrenjoey, Deutsche Bank AG, Fidelis OPCO, Laser Digital, and Paxos Issuance MENA are among the FSPs granted. Among the well-known names that were given an IPA are SMBC Bank International and Oyster Reinsurance Brokers.
The consistent accomplishments and strategic initiatives of ADGM, the only jurisdiction in the region with direct application of English Common Law and the fastest-growing financial centre, serve as a driving force behind the expansion of Abu Dhabi’s financial sector.
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