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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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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)

China's vice premier He Lipeng held talks with US Treasury Secretary Scott Bessent early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks.
Bessent and US Trade Representative Jamieson Greer were due to meet He in Geneva after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.
The trade dispute, combined with US President Donald Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn.
US President Donald Trump said on Friday an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145% levies imposed on Chinese imports.
The location of the talks has been kept secret, although a witness saw over a dozen police cars outside a private residence in a leafy Geneva suburb.
Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of Lake Geneva.
Earlier, a delegation of over a dozen US officials, including Bessent and Greer, were seen smiling and wearing red ties and American flags on their lapels as they left their hotel. Bessent declined to speak to reporters.