Page 112 - KHALIFA FUND PR REPORT FEBRUARY 2025

3/4/25, 11:25 AM ADGM sees 245% growth in assets under management in 2024
as a premier destination for investment and innovation, ADGM plays a key role in supporting this
growth.”

ADGM saw a 245 percent increase in AUM in 2024, compared to 35 percent in 2023, now hosting 134
asset and fund managers overseeing 166 funds. The number of financial institutions rose to 275, with 79

newly licensed firms, including BlackRock, Polen Capital, PGIM, Nuveen, General Atlantic, Lone Star
Funds, Investindustrial, Marshall Wace, AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial
Services and Morgan Stanley.

Following ADGM’s jurisdictional expansion to Al Reem Island in 2023, integration was completed by the

end of 2024, bringing in 1,100 businesses. ADGM introduced incentives such as fee exemptions for non-
financial and retail businesses on Al Reem Island until 31st December 2024. The total number of
operational entities grew to 2,381, marking a 32 percent year-on-year increase, with workforce numbers
rising by 39 percent.

Numou, ADGM’s SME lending platform, strengthened its position in 2024 by expanding its partner

network, including Khalifa Fund for Enterprise Development and private credit providers such as
Credible-X, Klubworks and NymCard Payment Technologies.

In 2024, ADGM’s Financial Services Regulatory Authority (FSRA) introduced frameworks for fiat-
referenced tokens (stablecoins), ESG Greenwashing guidance, IT Risk Management and updated

Prudential Rules in line with Basel Committee recommendations. A whistleblowing framework was also
launched, including a dedicated reporting portal.

The Registration Authority (RA) enhanced Real Property Regulations, introduced off-plan development
regulations, and launched AccessRP, a digital real estate transaction platform.

ADGM reaffirmed its role in sustainable finance with a discussion paper on the region’s first
comprehensive Sustainable Finance Regulatory Framework. Key asset managers focused on

sustainable investing—including TPG, Patrizia, Alterra, Fiera Capital, Nuveen, Kimmeridge, Marshall
Wace, PGIM, Polen Capital, Joy Capital, BlackRock, General Atlantic, Ninety One, Golub Capital, APAX
and AXA IM—established operations in ADGM.

The FSRA granted Green Fund Designation to Vortex Energy IV, a US$1.8 billion AUM firm backed by

Abu Dhabi’s sovereign wealth funds and institutional investors. ADGM also welcomed 44 new
signatories to the Abu Dhabi Sustainable Finance Declaration, raising the total to 160.

An increasing number of global family offices and billionaires established operations in ADGM in 2024,
including Leon Black’s Elysium Management. Other prominent names include British businessman Asif
Aziz, philanthropist Wafic Said, and Singaporean entrepreneur Kishin RK.

https://www.zawya.com/en/capital-markets/equities/adgm-sees-245-growth-in-assets-under-management-in-2024-vblcc4br 2/3