By comparison, the number of operational companies in the Abu Dhabi Global Market increased by 31% to 2,088 in the first half of 2024 from the same period in 2023.
231 financial services companies joined ADGM, an international financial hub and free zone, in the first half of the year as the UAE’s capital continued to offer development initiatives and ease of doing business.
According to ADGM, the increase in the number of active businesses was accompanied by a rise of more than 90 percent in the number of Financial Services Permissions granted in the first six months, totaling 42.
In the first half of the year, the financial center also issued 1,271 additional licenses, a 20.5 percent increase from the previous year.
“ADGM’s outstanding growth in the first half of 2024 strengthens Abu Dhabi’s status as a premier hub and a destination of choice for global, regional, and local corporations and financial institutions, acting as a catalyst for the financial sector,” stated ADGM chairman Ahmed Al-Zaabi.
The expansion bolsters the financial sector’s already substantial contribution to Abu Dhabi’s non-oil GDP, which reached 9.7 percent in Q1 2024.
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