The United Arab Emirates’ international financial centre, Abu Dhabi Global Market (ADGM), saw assets under management surge 211% year-on-year in the first quarter of 2024.
As of end-March, there were 107 asset management companies operating in the centre managing 137 funds.
According to ADGM, which announced the figures in a statement on May 20, the total number of entities operating within the centre was up 30% year-on-year to 1,950 in the first three months of 2024.
It attributes the increase to trade missions to various countries in response to “unprecedented demand” from major global alternative asset managers, including the US where it held over 40 bilateral discussions with hedge funds, private equity funds and venture capital firms at the iConnections Global Alts 2024.
The asset growth and increase in the number of operational entities “reaffirms Abu Dhabi’s position as a global financial powerhouse and a destination of choice for regional and global entities”, ADGM says.