Home Industry Finance ADGM posts 33% growth in company registrations in Q3 2024 The total number of operational entities within ADGM’s jurisdiction jumped to 2,251, a robust 31 per cent year-on-year growth by Kudakwashe Muzoriwa November 28, 2024 Image credit: Christopher Pike/ Getty Images The number of companies that set up base in the Abu Dhabi Global Market (ADGM) increased by 33 per cent in the three months ending September 31 as the likes of Morgan Stanley joined a slew of other financial services firms moving to the emirate. The financial hub is increasingly becoming a global magnet for banks, venture capital and asset management firms and family offices, cementing Abu Dhabi’s position as the ‘Capital of Capital’. ADGM said newly issued business licences surged to 759 in Q3 2024, a 33 per cent increase compared to the corresponding period a year earlier. The total number of operational entities within ADGM’s jurisdiction jumped to 2,251, a robust 31 per cent year-on-year growth. “The surge reflects strong demand from a diverse range of sectors, including asset management, fintech, and professional services, within ADGM’s ecosystem,” the financial centre said in a statement. “The continued influx of businesses and investors into ADGM highlights Abu Dhabi’s competitive advantage in the global financial industry and the growth of the Falcon Economy,” said Ahmed Jasim Al Zaabi, the chairman of ADGM. “As we pave the ‘Path to Forward’, we aim to continue building on this momentum to deliver further growth and innovation that benefits not just Abu Dhabi and the UAE but the wider financial community.” Abu Dhabi has seen banks, hedge funds, family offices, venture capital firms and crypto traders rushing to the UAE’s capital as they tap into a wealthy market that is home to some of the world’s biggest sovereign wealth funds, such as ADIA, Mubadala and ADQ. The city’s appeal as a global financial hub was further solidified in Q3 2024 with the arrival of several major financial institutions, including PGIM ($1.33tn AUM), Nuveen ($1.2tn AUM), Elysium Management, Stonepeak and Gemcorp Capital. Furthermore, asset management continues to lead ADGM’s growth, expanding by 215 per cent compared to the same period in Q3 2023. 128 fund and asset managers are now operating in ADGM, managing 156 funds. ADGM expanded its area of jurisdiction by tenfold in May 2023, adding Al-Reem Island to its current location on Al-Maryah Island. The expansion made it one of the world’s largest financial districts, with a geographic area of 14.38 million square meters. The financial hub recently launched its new brand identity, “Path to Forward,” reflecting its ambitious vision to become a global financial leader. Read: Dubai and Abu Dhabi race to lure world’s wealth managers Tags Abu Dhabi ADGM finance PGIM You might also like US private credit firm Golub Capital to set up base in Abu Dhabi ‘Make Bitcoin Great Again’: Eric Trump attends Abu Dhabi crypto gathering UAE set to roll out 15% tax for global corporate giants Space42 teams up with ICEYE to manufacture SAR satellites in UAE