Abu Dhabi Global Market (ADGM), the city’s financial centre, is actively engaging with 125 global firms, including hedge funds and asset managers, who are exploring opportunities to establish a presence in the Gulf emirate, according to a report by Financial News. 

In 2023, the number of registered firms within the ADGM rose to 1,825 from the 1,378 recorded in 2022, representing a 32% year-on-year growth. Its total workforce saw a 22% increase in 2023, reaching 13,394 employees from 10,954 the previous year.

The report quotes Ahmed Al Jasim Al Zaabi, Chair of ADGM, as saying that he is “strongly positive” moving into 2024, adding that ADGM was helping the UAE city reach its potential as an international financial centre.

In 2023, hedge funds Brevan Howard and TCI Fund Management established offices in Abu Dhabi, while Goldman Sachs also announced its intention to open an office in the city. By the end of the year, 102 asset management firms overseeing 141 funds were operating within the financial centre.

In January, Greg Coffey’s hedge fund Kirkoswald Asset Management, set up an office in Abu Dhabi while investment banking giant Morgan Stanley announced the opening of its Abu Dhabi office last month.