Abu Dhabi's financial centre says company registrations rose 31% in first half
By Federico Maccioni
DUBAI, Aug 14 (Reuters) -The number of companies that set up base in Abu Dhabi's financial centre ADGM increased by 31% in the first half of the year as the likes of Morgan Stanley joined a slew of other financial services firms moving to the oil-rich emirate.
Abu Dhabi has seen banks, hedge funds, family offices, venture capital firms and crypto traders rushing to the UAE's capital in recent years 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.
Some of the big names include Ray Dalio, the billionaire and founder of hedge fund Bridgewater Associates, who opened a branch of his family office in the city last year, as well as peers such as Brevan Howard.
It also attracted banks such as Goldman Sachs GS.N and Rothschild, which have traditionally picked neighbouring Dubai as their regional hub, but are setting up smaller offices in the UAE's capital and Riyadh to service their clients.
Unlike global financial centres like Wall Street and London's Canary Wharf, Abu Dhabi Global Market (ADGM) and other hubs in the region have also witnessed strong demand for commercial real estate space and embarked on expansion plans.
ADGM is expanding its area of jurisdiction's footprint tenfold by adding al-Reem Island to its current location on al-Maryah Island.
It also issued 1,271 new licences in the first six months of the year, up 20.5% compared with the same period in 2023, the financial centre said on Wednesday.
ADGM said companies setting up base in the financial centre reached a total of 2,088 as of the end of June, while assets under management rose by 226% compared with the first half of last year, with 112 fund and asset managers now operating there and managing 141 funds.
Asset managers that received financial services permissions (FSP) in the period include France's AXA IM AXAF.PA and Morgan Stanley MS.N, while companies such as Blue Owl OWL.N and Peninsula obtained a preliminary approval.
"The pipeline of entities within the asset management sector remains strong across hedge funds, private equity, institutional funds and venture capital firms set to be anchored in ADGM," the centre added without disclosing a specific number.
Reporting by Federico Maccioni; Editing by Shounak Dasgupta
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
