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Abu Dhabi's Financial Center Posts 32% Growth in Company Registrations in 2023

Buildings are seen at Sowwah Square on Marayah Island in Abu Dhabi's new central business district May 7, 2013. REUTERS/Ben Job Acquire Licensing Rights
Buildings are seen at Sowwah Square on Marayah Island in Abu Dhabi's new central business district May 7, 2013. REUTERS/Ben Job Acquire Licensing Rights
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Abu Dhabi's Financial Center Posts 32% Growth in Company Registrations in 2023

Buildings are seen at Sowwah Square on Marayah Island in Abu Dhabi's new central business district May 7, 2013. REUTERS/Ben Job Acquire Licensing Rights
Buildings are seen at Sowwah Square on Marayah Island in Abu Dhabi's new central business district May 7, 2013. REUTERS/Ben Job Acquire Licensing Rights

Abu Dhabi's financial center, the Abu Dhabi Global Market (ADGM), said on Wednesday that the number of companies that set up base there grew 32% in 2023 from a year earlier, reaching a total of 1,825.

Assets under management rose by 35% as several investment firms and hedge funds established business in the financial center, ADGM said in a statement, adding that a total of 102 asset managers managing 141 funds operated there as of the end of last year.

Abu Dhabi, which is home to sovereign wealth funds the Abu Dhabi Investment Authority, Mubadala Investment Company and ADQ, has sped up investments to develop non-oil sectors such as financial services under an economic transition strategy, according to Reuters.

Last year Ray Dalio, the billionaire and founder of hedge fund Bridgewater Associates, opened a branch of his family office in the UAE capital, which has also attracted peers including Brevan Howard.

The financial district is expanding its area of jurisdiction to 10 times its footprint by adding al-Reem Island to its current location on al-Maryah Island in Abu Dhabi.

"We remain strongly positive as we move forward into 2024," ADGM Chairman Ahmed Al Jasim Al Zaabi said in the statement.

ADGM said that more than 125 companies were in the pipeline to be registered in the financial center.

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Syria Meeting Focused on Need for Credible Economic Data, IMF Chief Says

International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)
International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)
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Syria Meeting Focused on Need for Credible Economic Data, IMF Chief Says

International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)
International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)

Officials from the International Monetary Fund, World Bank and key countries met with Syrian authorities this week on efforts to rebuild the war-torn country, emphasizing the need for credible data, IMF Managing Director Kristalina Georgieva said on Friday.

Georgieva said rebuilding Syria's central bank and expanding the country's capacity to generate revenue were other key issues addressed during the meeting that took place during the spring meetings of the IMF and World Bank.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee, said he was grateful to the IMF and World Bank for stepping up support for Syria, noting others including Yemen, Palestine and Lebanon would also need help.