Abu Dhabi’s financial centre is in discussions with 125 global firms, including hedge funds and asset managers, that are looking to launch in the Gulf emirate.
The number of firms registered with Abu Dhabi Global Market surged to 1,825 in 2023, from 1,378 in 2022, a jump of 32% year-on-year, the financial centre said in a 6 March statement.
The total workforce across Abu Dhabi’s financial centre increased 22% year-on-year to 13,394, up from 10,954 the previous year.
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The growth was boosted by major banks such as JPMorgan and BNP Paribas which expanded their teams in Abu Dhabi last year, the financial hub said.
The UAE’s capital is becoming a hot spot for global financial firms, including hedge funds, asset managers and investment banks.
Last year major hedge funds such as Brevan Howard and TCI Fund Management opened offices in Abu Dhabi. Goldman Sachs also last year announced it was opening an office in Abu Dhabi.
At the end of 2023, a total of 102 asset management firms managing 141 funds were operating in the financial centre.
The chair of Abu Dhabi Global Market, Ahmed Al Jasim Al Zaabi, said he is “strongly positive” moving into 2024.
He said that Abu Dhabi Global Market was helping the UAE’s capital reach its potential as an international financial centre.
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Other major financial services firms that opened offices in Abu Dhabi last year include private equity firms Ardian, Blackstone and Apollo.
Abu Dhabi’s financial centre is continuing to see strong momentum in 2024, with a wave of hedge funds and investment banks setting up offices in the UAE’s capital.
Greg Coffey’s hedge fund Kirkoswald Asset Management set up an office in Abu Dhabi in January, while investment banking giant Morgan Stanley announced the opening of its Abu Dhabi office on 29 February.
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