The Abu Dhabi Financial Centre ADGM said on Thursday that the number of companies setting up base there rose 32% last year as more companies moved to the UAE capital to grow their businesses in the region and deepen ties with private equity funds, reported by Reuters. Assets under management jumped threefold in 2024, ADGM said in a statement, adding that at the end of last year it had 134 asset and fund managers running 166 funds.
ADGM does not disclose its financial figures for the year
The economic recovery from the pandemic and the relative ease of doing business in recent years have boosted the UAE’s appeal among companies and wealthy individuals. Abu Dhabi, which holds 90% of the UAE’s oil reserves, has stepped up efforts to diversify its economy, drawing on its vast wealth and sovereign wealth funds, which together manage nearly $2 trillion, to drive non-oil growth.
The financial hub has seen an influx of banks, hedge funds, family offices, venture capital firms and crypto traders, such as the new family office of Apollo Global founder Leon Black, BlackRock and General Atlantic. ADGM said the number of companies setting up base in the financial hub had reached 2,381 as of the end of December, up from more than 1,800 in 2023.
Dubai International Financial Centre
ADGM’s results come after Dubai International Financial Centre (DIFC) reported a 55% increase in its operating profit in 2024 to AED 1.33 billion ($362.17 million).
Although the Abu Dhabi Global Market (ADGM) is small compared to global financial centres such as New York or London, ADGM and other hubs in the region have benefited from a significant influx of companies and demand for commercial real estate.