Abu Dhabi’s financial hub sees licences grow by 43% in 2020

Abu Dhabi’s financial hub sees licences grow by 43% in 2020

Abu Dhabi Global Market (ADGM), the international financial centre, has announced a record year of growth in 2020, with significant achievements across core areas including FinTech and sustainable finance despite the challenges posed by the coronavirus pandemic.

ADGM said it has continued to post steady growth across its three authorities - the ADGM Financial Services Regulatory Authority (FSRA), the ADGM Registration Authority (RA), and the ADGM Courts.

It said in a statement that it has increased the number of registered licences at the Abu Dhabi financial hub by 43 percent, totalling 3,211 by year-end.

Assets under management increased by 193 percent throughout the year, to end the year totalling over $85 billion, it added.

Ahmed Ali Al Sayegh, UAE Minister of State and chairman of ADGM, said: “2020 had been a trying period for the UAE and its community. However, the timely intervention and invaluable responses from the UAE leadership, the Abu Dhabi government and authorities have helped the country and its people to overcome the challenges brought on by the pandemic.

Ahmed Ali Al Sayegh, UAE Minister of State and chairman of ADGM

"The UAE economy is also well underway to recovery and further growth. Despite the strong headwinds from the pandemic, ADGM grew to