Abu Dhabi has made a significant leap in positioning itself as a major global financial hub, as evidenced by the recent establishment of operations by 14 major financial institutions in the Abu Dhabi Global Market (ADGM). These institutions collectively manage assets worth $452 billion, a clear indication of the emirate's growing influence in the world of finance.

The ADGM, an international financial center in Abu Dhabi, has been pivotal in this development. This move aligns with Abu Dhabi’s "Falcon Economy" initiative, which aims to diversify the economy and strengthen its position as a global financial powerhouse. The influx of these institutions coincides with the Abu Dhabi Finance Week (ADFW), highlighting the emirate's commitment to becoming a central hub for finance.

JP Morgan, the world's largest bank, has deepened its commitment to Abu Dhabi by upgrading its license to operate payment and banking business in the region. Jamie Dimon, JP Morgan's Chairman and CEO, praised Abu Dhabi's reform agendas, noting the impressive progress in creating a secure society and dynamic economy.

In addition to JP Morgan, Rothschild & Co, a prominent financial services group, expanded its two-decade presence in the UAE with a new ADGM license. This move is part of Rothschild & Co's broader strategy to grow its footprint in the region. The World Bank also renewed its long-term presence in ADGM, reinforcing the financial center's reputation.

ADGM’s unique position as the only jurisdiction in the region to apply English common law directly has attracted a wide range of global firms, including BNY Mellon venture Alpheya, GQG Partners, Joy Capital, and others. The announcement also includes six emerging growth firms, bringing the total to 23 significant financial entities.

Ray Dalio of Bridgewater Associates and Alan Howard of Brevan Howard Asset Management have highlighted the strategic advantages of Abu Dhabi, such as robust regulation, rule of law, and favorable taxation. They see the region as a renaissance state, pivotal in the changing world order.

Ahmed Jasim Al Zaabi of the Abu Dhabi Department of Economic Development and ADGM commented on the developments, stating that this influx of global financial players is a testament to the unique global opportunity Abu Dhabi offers.

The successful second edition of Abu Dhabi Finance Week, themed “Investing in the Transition Era,” saw over 17,000 attendees from more than 100 countries, underlining ADGM's contribution to Abu Dhabi’s economic diversification strategy. This landmark week in ADGM’s history marks a significant step towards Abu Dhabi’s ambition to become a global financial hub.