Today, Abu Dhabi Global Market (ADGM), the UAE Capital’s premier international financial center, declared that 14 prominent financial entities with a combined Assets Under Management (AUM) of US$452 billion have pledged to set up new operations at ADGM.
Coinciding with Abu Dhabi’s one-year “Falcon Economy” milestone and the second Abu Dhabi Finance Week (ADFW), these commitments highlight the emirate’s growing attractiveness to the global financial sector and ADGM’s key role in its rise as a major financial hub.
JP Morgan, the world’s largest bank, has reinforced its confidence in the financial center by upgrading its license to conduct payment and banking services. JP Morgan’s Chairman and CEO, Jamie Dimon, praised the emirate’s progress in economic, financial, and social reforms, and announced an application to enhance their operating license to a full category one banking entity.
Additionally, Rothschild Co, a leading independent financial services group, has expanded its 20-year presence in the Emirates through a new ADGM license, aligning with their wider regional growth strategy. The World Bank also continues its longstanding association with the financial center.
Saeed Al Awar, Partner and Head of Middle East at Rothschild Co, expressed delight at receiving their ADGM license, reaffirming their commitment to Abu Dhabi and the UAE.
ADGM’s appeal as a comprehensive financial hub, unique in the region for directly applying English common law, has attracted prestigious firms including BNY Mellon’s Alpheya, GQG Partners, Joy Capital, Apeiron Group Investments, and others. The UAE capital’s financial center further announced collaborations with six emerging growth companies, totaling 23 new commitments.