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Week – 49
Abu Dhabi Global Market (ADGM) has announced that 14 major financial institutions have committed to establishing new operations in the financial centre. The institutions, which represent a total of $452 billion in assets under management (AUM), include JP Morgan, Rothschild & Co, and billionY Mellon venture Alpheya.
These announcements are a significant boost for ADGM, which is already one of the fastest-growing financial centres in the world. The centre is expected to play a key role in Abu Dhabi’s economic diversification plans, and the arrival of these new institutions will help to further strengthen the emirate’s position as a global financial hub.
JP Morgan, the world’s largest bank, has reiterated its commitment to Abu Dhabi by upgrading its license in the financial centre. The bank will now be able to operate its payment and banking business in ADGM.
Jamie Dimon, chairman and chief executive officer of JP Morgan, said: “The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial, and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy. We have continued to add to the team this year and have submitted an application to upgrade our operating license to a full category one banking entity, signaling our intent and commitment to the size of the opportunity here.”
Rothschild & Co, the world’s largest independent financial services group, has expanded its presence in Abu Dhabi by obtaining a new license from ADGM. The firm has been operating in the UAE for nearly two decades, and the new license will allow it to expand its range of services.
Saeed Al Awar, partner and head of Middle East, Rothschild & Co, said: “We are delighted to have received our licensing approvals from ADGM. This is an expansion of our existing presence in the UAE where we have been operating for nearly two decades which reaffirms our commitment to our clients in Abu Dhabi and the UAE and is part of our broader expansion strategy and commitment to the region.”
ADGM has also attracted several other global financial firms, including GQG Partners, Joy Capital, Apeiron Group Investments, The Children’s Investment Fund (TCI), Copper, Vibrant Capital, Centricus, and Eiffel Investment.
The attractiveness of ADGM as a holistic financial hub has been cited as a key reason for these firms choosing to establish themselves in the financial centre. ADGM is the sole jurisdiction in the region to adopt the direct application of English common law, and it also offers several other benefits, such as a competitive tax regime and a robust regulatory framework.
The announcements were made during the second edition of Abu Dhabi Finance Week (ADFW), which was held under the theme “Investing in the Transition Era”. The event attracted over 17,000 attendees from over 100 countries.
The flurry of positive announcements surrounding ADFW further amplifies ADGM’s effective role as a major contributor to the economic diversification plans of Abu Dhabi.
