14 leading financial institutions, representing over $450bln, confirm setup in Abu Dhabi

14 leading financial institutions, representing over $450bln, confirm setup in Abu Dhabi

Abu Dhabi Global Market (ADGM) on Thursday announced 14 major financial institutions representing total AUM of $452 billion have committed to establishing new operations in ADGM.

A year into Abu Dhabi’s ‘Falcon Economy’, these announcements, coinciding with the second edition of Abu Dhabi Finance Week (ADFW), reaffirm the emirate’s rapidly increasing appeal to global finance and ADGM’s strategic role and contributions towards the significant growth of the “capital of capital” and its emergence as a global financial powerhouse.

In a signal of confidence in the financial centre’s pivotal role across the global and regional financial landscapes, the world’s largest bank, JP Morgan, reiterated its commitment to the capital in an upgraded licence, to operate its payment and banking business.

Jamie Dimon, chairman and chief executive officer, JP Morgan, said: “The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial, and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy. We have continued to add to the team this year and have submitted an application to upgrade our operating