Page 129 - KHALIFA FUND PR REPORT FEBRUARY 2025

ADGM sees 245% growth in assets under management in 2024

Story by KN

• 4d •
3 min read

ABU DHABI, 27th February, 2025 (WAM) -- Abu Dhabi Global Market (ADGM), the international
financial centre of the UAE capital, experienced unprecedented growth in 2024, with assets under
management (AUM) surging 245 percent.

The expansion to Al Reem Island was successfully completed, reinforcing Abu Dhabi’s status as the
‘Capital of Capital.’

Ahmed Jasim Al Zaabi, Chairman of ADGM, said, “Abu Dhabi stands at the forefront of global
finance, exemplifying stability, ambition, and economic growth. As the ‘Falcon Economy’
strengthens its position 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.

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