Latest news with #AsifAziz
Daily Mail
18-07-2025
- Business
- Daily Mail
EXCLUSIVE Britain's billionaire exodus: All the super-rich business tycoons who have fled Labour's tax raids...and why more could soon follow
The Aston Villa co-owner and three of London 's wealthiest property developers are among the billionaires who have already left Britain in the wake of Labour's tax raids. Research by New World Wealth suggests the UK has lost 18 dollar billionaires over the last two years - more than any other country in the world. Those who are known to have left include Nassef Sawiris, the Egyptian co-owner of Aston Villa FC, who has shifted his tax residency to Italy - according to legal documents revealed in April. Brothers Ian and Richard Livingstone, who oversee a £9billion property empire in the UK and abroad, an online casino and plush Monte Carlo hotel, have quit Britain for Monaco. Another billionaire developer, Malawi-born Asif Aziz - owner of the former London Trocadero on Piccadilly Circus - moved his tax residency to Abu Dhabi at the end of last year. Rachel Reeves ' October budget has been blamed for driving the exodus by abolishing the non-dom tax regime and imposing inheritance tax on the worldwide assets of foreigners who have lived in Britain for more than 10 years. And a leading tax advisor today warned that the flood of billionaires out of Britain could increase even further if Labour decides to impose a wealth tax - a move Sir Keir Starmer has notably refused to rule out. David Lesperance, the founder of tax and immigration advisory Lesperance and Partners, said 50 per cent of his 'ultra-high net worth' clients had already departed the UK since Labour came to power and predicted half that number again would flee the imposition of a wealth tax. 'A large group moved because of the inheritance tax changes, but some decided they would be able to mitigate the hit because they were young, could get insurance to cover it, or could take advantage of some of the tax solutions available,' he told MailOnline. 'But if you bring in a wealth tax, that mitigation is neutralised, so it's another force that will drive those who haven't already left to leave. 'The general public might not mind the idea of wealthy people leaving, but the reality is that in a progressive tax system you are extremely dependent on a tiny number of taxpayers, so if they leave it will have a huge impact on tax revenue. 'And at the same time these golden geese feel their being driven out of the UK, other countries are promising to offer them a better tax deal. 'If a wealth tax comes in, ultra-high net worth people will say ''London is nice, but not yet nice'' and head to all the countries who are actively welcoming them.' Mr Lesperance pointed out that wealth taxes - which are levied on the total value of an individuals' assets - are 'very difficult to administer', with many nations who have brought in the levies subsequently repealing them. Given this, he believes Ms Reeves is more likely to introduce an exit tax - which takes the form of a one-off fee on people moving their tax residency to another country. 'When you have a wealth tax, people will give the lowest figure possible for the value of their assets, and if HMRC wants to challenge it, that will take time and money,' he said. 'I don't see a wealth tax because it won't be good for the goal of maximising revenue. 'I would say it's more likely the Autumn Statement could include an exit tax. But if that happens, advisors will be telling their clients to leave before it comes in.' Several billionaires have been open about their reasons for leaving, with Nassef Sawiris blaming Labour's inheritance tax clampdown and a 'decade of incompetence' under the Tories. Britain's ninth richest billionaire, John Fredriksen, declared last month that Britain had 'gone to hell' as he explained his reasons for moving his shipping firm from London to the United Arab Emirates. The Norwegian had previously run his private firm, Seatankers Management, from an office in Sloane Square. But he told newspaper E24 that the UK had become a worse place to do business. 'It's starting to remind me more and more of Norway,' he said. 'Britain has gone to hell, like Norway. 'People should get up and work even more, and go to the office instead of having a home office.' In May, The Sunday Times Rich List estimated that the UK had 156 billionaires, down from 165 the year before and the largest annual drop since the list began in 1989. Putting an exact figure on the number of billionaires leaving the country is complicated by the difficulty of calculating an individuals' wealth and working out their tax residency if they do not make this information public. Labour donor Laskhmi Mittal was reported in March as telling friends that he would probably leave the UK. The Indian-born businessman is also the owner of property on London's exclusive Kensington Palace Gardens, which has been dubbed 'billionaire's row'. He bought what was then the world's most expensive home for £67million in 2004. It comes as new figures showed the number of non-dom taxpayers in the UK dipped last year prior to the Government clamping down on the tax status, official figures show. There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5 per cent. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK - meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7billion for the Treasury by 2028-29. HMRC's data published on Thursday showed that some £9billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107million increase on the prior year, despite the dip in the number of individuals. Even so, campaigners insist HRMC will suffer in the long-term if some of Britain's biggest taxpayers are driven out. Leslie MacLeod-Miller runs Foreign Investors for Britain (FIFB), a lobby group set up after the July general election. He told MailOnline: 'Wealth is already shifting to countries like Italy, Dubai, and Switzerland. 'The government needs to show bold leadership and implement a bold policy change before Britain's 'golden geese' take their 'golden eggs' abroad to other countries that are actively courting them. 'The Office for Budget Responsibility warned this July that continued reliance on this small population of top taxpayers represents a growing fiscal risk. 'The government needs to act now, talk of a wealth tax will only increase the exodus of this high income – and high investing, employing and growth-creating group. Fiscal sense rather than ideology needs to prevail.'
Scottish Sun
22-06-2025
- Entertainment
- Scottish Sun
Iconic ‘secret' UK cinema famed for showing cult movies & loved by Hollywood stars ‘fighting for survival'
The Prince Charles is a favourite of Quentin Tarantino and Christopher Nolan Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) TUCKED away down an unassuming side street in London's famous West End is a "secret" cinema beloved by Hollywood art brats. The Prince Charles Cinema opened 60 years ago as a regular theatre and then briefly a "film house of ill repute" where it showed soft porn. 8 The Prince Charles Cinema is nestled away down a side street off Leicester Square Credit: Getty 8 The Prince Charles Cinema in Leicester Square during its construction in December 1962 Credit: Alamy 8 Cinema landlord Asif Aziz Credit: PA:Press Association As time went on, the cinema - just around the corner from bustling Chinatown and towering ODEON multiplex - became famous for showing cult and hard-to-find movies. In the 1980s it specialised in controversial horror flicks like The Evil Dead and even hosted the world premier of Hellraiser in 1987. In 1991 it largely became a repertory cinema, specialising largely in older classics and second-runs of films a few years after general release. It also regularly hosts sing-a-long versions of The Sound of Music and The Rocky Horror Picture Show. Read more news LAST CURTAIN Iconic 60-year-old UK cinema praised by Tarantino threatened with closure The Prince Charles has just two auditoriums, with capacity for around 400 people, and prides itself on being a time capsule of movie theatres from the past - before the multiplex invasion. Hollywood A-list praise Directors such as Paul Thomas Anderson and John Waters have praised the venue - with Quentin Tarantino, a major champion of edgy B-movies and grind house, calling it 'everything an independent movie theatre should be". However, with the lease up in less than three months, its billionaire landlord Asif Aziz - dubbed "Mr West End" - has reportedly demanded double the rent, throwing its future into doubt. Cinema managing director Ben Freedman told The Sun talks about the venue's future appeared to breakdown earlier this year. He said: "We don't want to fight, to run a campaign. We want to run a cinema." And for Mr Freedman and his staff they have unwittingly become the face of a fight for the soul of the West End itself. John Travolta, 70, and Uma Thurman, 53, look radiant as they reunite for Pulp Fiction's 30th anniversary screening in LA The 64-year-old told The Sun that the area - fame as a glitzy arts hub - has been "hollowed out" as creatives are forced to go elsewhere in the city due to developers. Hotel tycoon Mr Aziz is one of the biggest landowners in Leicester Square and Piccadilly Circus, as well as being a philanthropist - his foundation funds community work, arts, culture and research. But he's not popular at Prince Charles Cinema. The bosses at the Leicester Square venue allege the rent increase is an attempt to get them out once their lease ends in September 2025, in order to shut the cinema and redevelop the property as a hotel. And it seems that all of London - and all of Hollywood - has rallied to its defence. Heartthrob Paul Mescal - who recently starred in blockbuster Gladiator 2 - called the potential closure "incredibly disheartening" and told GQ: "It's imperative that this cultural institution does not close its doors." Christopher Nolan - the genius director behind Inception and Interstellar - proclaimed: "Film culture in Great Britain is unthinkable without the Prince Charles." Westminster Council recently made the cinema an asset of community value, calling it a "cultural landmark that brings so much life, character, and cinematic adventure to the West End". 8 Hollywood director Quentin Tarantino is among a host of A-listers to have praised the independent cinema Credit: Getty 8 British director - famous for the Dark Knight trilogy and Dunkirk - is also a fan of the Prince Charles Credit: Getty 8 Gladiator 2 star Paul Mescal has also praised the cinema Credit: Alamy Mr Freedman told us: "It goes back a couple of years when we first started talking about renewing our lease. In the first couple of meetings it was relatively friendly. "Early last year it got to a point where they were trying to raise our rent. We had reports from surveyors and reports on the market rates and said what we thought the rent should be. "But they wanted double. That was the beginning of this. "Then there were talks about redeveloping the building. We put out the petition and got this incredible wave of support from our audiences. "We saw this coming and put money aside a few years ago for this fight. "But this isn't what we want to be doing. We don't want to fight, to run a campaign. We want to run a cinema." He added: "Hotels are nice, but in the West End? What if it all turned into hotels? "I've worked in Soho for 40 years. It's a community. It's an area that is unique - there isn't anywhere like it in the world. Not LA, not New York, nowhere. "It is a place for creatives, for cinema, for the film industry - but everyone is moving out to different places across the city now. It's been hollowed out. "The things that people used to come to the West End for are no longer here." Hell of a fight He said that central London seems to just be for tourists now. But instead of giving into the weight of the ultra-wealthy landlord, the small cinema is determined to put up a hell of a fight. And the film lovers of London have come out in full force to support it. Mr Freedman said: "We have been very very busy recently. From people who haven't come here in a while to people who have never been. "It is not a sense of sadness here, but more of standing up for ourselves. We want to stay in the West End. We want to continue to bring films to our audiences." We have bent over backwards to try to negotiate with him. He doesn't seem to want to talk to us, he ignores us, then goes and makes out that he's the aggrieved one. It's frustrating. Ben Needham Referring to Mr Aziz, he added: "The spirit of our relationship…I have not enjoyed it. "We have bent over backwards to try to negotiate with him. He doesn't seem to want to talk to us, he ignores us, then goes and makes out that he's the aggrieved one. It's frustrating. "It's a consistent pattern here, we are not alone. And that is unfortunate. "The support we have had has been wonderful. Our ticket-buying public have put their money where their mouth is." Just 20 minutes down the road, the world's first YMCA club is fighting the same battle - against the same mega-rich businessman. In February, members of Central YMCA exchanged heartbroken hugs as it closed its doors for the last time. The huge 116,000 sq ft building on Great Russell Street, Bloomsbury, near the British Museum, was sold to Aziz's company Criterion Capital in December. The YMCA club had 3,600 members and saw 10,000 people use it regularly and they fought to keep it open, even submitting a failed High Court injunction application. Criterion has a luxury Zedwell hotel next door and the club members fear their community hub will be incorporated into the building. David Bieda, who is in his 60s, used the YMCA three times a week. He told The Sun what is happening with the YMCA and the Prince Charles is just the start of a wider problem in the city. "What if this happened to every single community space in England?" he said. "There need to be protections. It's happening all over the place. "If the whole thing was demolished and turned into hotels then it would be far more profitable. But what happens to the community? "It will have a big impact on those who use it. For the YMCA, people in their sixties like me go there a lot - it has arts, sports, pottery…all in one building. That is very unusual. I go to three classes a week there. "We've all written to Asif Aziz. We've had no response. He's been trying to get this space for ages. It's happening all over the place." The Sun has approached Mr Aziz for comment. 8 People queue for the first showing of Caligula at the Prince Charles in 1980 Credit: Alamy
The Sun
22-06-2025
- Entertainment
- The Sun
Iconic ‘secret' UK cinema famed for showing cult movies & loved by Hollywood stars ‘fighting for survival'
TUCKED away down an unassuming side street in London's famous West End is a "secret" cinema beloved by Hollywood art brats. The Prince Charles Cinema opened 60 years ago as a regular theatre and then briefly a "film house of ill repute" where it showed soft porn. 8 8 8 As time went on, the cinema - just around the corner from bustling Chinatown and towering ODEON multiplex - became famous for showing cult and hard-to-find movies. In the 1980s it specialised in controversial horror flicks like The Evil Dead and even hosted the world premier of Hellraiser in 1987. In 1991 it largely became a repertory cinema, specialising largely in older classics and second-runs of films a few years after general release. It also regularly hosts sing-a-long versions of The Sound of Music and The Rocky Horror Picture Show. The Prince Charles has just two auditoriums, with capacity for around 400 people, and prides itself on being a time capsule of movie theatres from the past - before the multiplex invasion. Hollywood A-list praise Directors such as Paul Thomas Anderson and John Waters have praised the venue - with Quentin Tarantino, a major champion of edgy B-movies and grind house, calling it 'everything an independent movie theatre should be". However, with the lease up in less than three months, its billionaire landlord Asif Aziz - dubbed "Mr West End" - has reportedly demanded double the rent, throwing its future into doubt. Cinema managing director Ben Freedman told The Sun talks about the venue's future appeared to breakdown earlier this year. He said: "We don't want to fight, to run a campaign. We want to run a cinema." And for Mr Freedman and his staff they have unwittingly become the face of a fight for the soul of the West End itself. The 64-year-old told The Sun that the area - fame as a glitzy arts hub - has been "hollowed out" as creatives are forced to go elsewhere in the city due to developers. Hotel tycoon Mr Aziz is one of the biggest landowners in Leicester Square and Piccadilly Circus, as well as being a philanthropist - his foundation funds community work, arts, culture and research. But he's not popular at Prince Charles Cinema. The bosses at the Leicester Square venue allege the rent increase is an attempt to get them out once their lease ends in September 2025, in order to shut the cinema and redevelop the property as a hotel. And it seems that all of London - and all of Hollywood - has rallied to its defence. Heartthrob Paul Mescal - who recently starred in blockbuster Gladiator 2 - called the potential closure "incredibly disheartening" and told GQ: "It's imperative that this cultural institution does not close its doors." Christopher Nolan - the genius director behind Inception and Interstellar - proclaimed: " Film culture in Great Britain is unthinkable without the Prince Charles." Westminster Council recently made the cinema an asset of community value, calling it a "cultural landmark that brings so much life, character, and cinematic adventure to the West End". 8 8 Mr Freedman told us: "It goes back a couple of years when we first started talking about renewing our lease. In the first couple of meetings it was relatively friendly. "Early last year it got to a point where they were trying to raise our rent. We had reports from surveyors and reports on the market rates and said what we thought the rent should be. "But they wanted double. That was the beginning of this. "Then there were talks about redeveloping the building. We put out the petition and got this incredible wave of support from our audiences. "We saw this coming and put money aside a few years ago for this fight. "But this isn't what we want to be doing. We don't want to fight, to run a campaign. We want to run a cinema." He added: " Hotels are nice, but in the West End? What if it all turned into hotels? "I've worked in Soho for 40 years. It's a community. It's an area that is unique - there isn't anywhere like it in the world. Not LA, not New York, nowhere. "It is a place for creatives, for cinema, for the film industry - but everyone is moving out to different places across the city now. It's been hollowed out. "The things that people used to come to the West End for are no longer here." Hell of a fight He said that central London seems to just be for tourists now. But instead of giving into the weight of the ultra-wealthy landlord, the small cinema is determined to put up a hell of a fight. And the film lovers of London have come out in full force to support it. Mr Freedman said: "We have been very very busy recently. From people who haven't come here in a while to people who have never been. "It is not a sense of sadness here, but more of standing up for ourselves. We want to stay in the West End. We want to continue to bring films to our audiences." We have bent over backwards to try to negotiate with him. He doesn't seem to want to talk to us, he ignores us, then goes and makes out that he's the aggrieved one. It's frustrating. Ben NeedhamPrince Charles Cinema MD Referring to Mr Aziz, he added: "The spirit of our relationship…I have not enjoyed it. "We have bent over backwards to try to negotiate with him. He doesn't seem to want to talk to us, he ignores us, then goes and makes out that he's the aggrieved one. It's frustrating. "It's a consistent pattern here, we are not alone. And that is unfortunate. "The support we have had has been wonderful. Our ticket-buying public have put their money where their mouth is." Just 20 minutes down the road, the world's first YMCA club is fighting the same battle - against the same mega-rich businessman. In February, members of Central YMCA exchanged heartbroken hugs as it closed its doors for the last time. The huge 116,000 sq ft building on Great Russell Street, Bloomsbury, near the British Museum, was sold to Aziz's company Criterion Capital in December. The YMCA club had 3,600 members and saw 10,000 people use it regularly and they fought to keep it open, even submitting a failed High Court injunction application. Criterion has a luxury Zedwell hotel next door and the club members fear their community hub will be incorporated into the building. David Bieda, who is in his 60s, used the YMCA three times a week. He told The Sun what is happening with the YMCA and the Prince Charles is just the start of a wider problem in the city. "What if this happened to every single community space in England?" he said. "There need to be protections. It's happening all over the place. "If the whole thing was demolished and turned into hotels then it would be far more profitable. But what happens to the community? "It will have a big impact on those who use it. For the YMCA, people in their sixties like me go there a lot - it has arts, sports, pottery…all in one building. That is very unusual. I go to three classes a week there. "We've all written to Asif Aziz. We've had no response. He's been trying to get this space for ages. It's happening all over the place." The Sun has approached Mr Aziz for comment. 8 8
Economy ME
16-05-2025
- Business
- Economy ME
Abu Dhabi rising: The growing international influence of the ‘Capital of Capital'
How ADGM's record-breaking performance is redefining the global financial landscape In Abu Dhabi, an economic transformation is quietly unfolding. ADGM, the international financial center of the UAE capital, has emerged as one of the world's fastest-growing financial ecosystems. With a staggering 245 percent year-on-year growth in assets under management (AUM) in 2024 and an unprecedented expansion of its operational entities, ADGM has firmly established itself as a regional financial hub that is rapidly gaining global prominence. This remarkable growth is particularly evident in the wealth management sector, where ADGM has become a key hub for family offices, offering a dynamic environment that attracts high-net-worth families and wealth management entities. With its robust legal framework, tax advantages, and tailored services spanning wealth management, succession planning, and philanthropy, ADGM is now as a global leader in family office operations. The establishment of billionaire-led family offices, including those of British businessman Asif Aziz, prominent philanthropist and financial strategist Wafic Said, and Singaporean entrepreneur and real estate leader Kishin RK, underscores the center's growing appeal as a global wealth management destination. Read: ADGM FSRA launches 2025-2026 business plan to enhance regulatory framework, drive sustainable growth ADGM's rapid ascent was further cemented during the third edition of ADFW last December, which witnessed major announcements from global financial institutions representing almost $635 billion in assets under management. This impressive figure, up from $450 billion just a year earlier, follows strategic moves by some of the world's largest asset managers, including BlackRock, PGIM, and Nuveen, all of which have established operations in ADGM. As international investors and financial institutions increasingly pivot towards emerging markets and innovative regulatory frameworks, ADGM's performance over the past year offers a compelling case study in how strategic vision, regulatory innovation, and ecosystem development can transform a financial center into what is now being recognized in the global financial sector as the 'Capital of Capital.' What has fuelled this unprecedented rise and how does ADGM plan to sustain this momentum The statistics paint a picture of extraordinary momentum. By the end of 2024, ADGM was home to 134 asset and fund managers overseeing 166 funds. The center experienced a 32 percent annual growth in operational entities, reaching a total of 2,381 registered businesses. Perhaps most impressively, the workforce within ADGM grew by 39 percent throughout 2024, signalling robust job creation and talent attraction. 'It is not just the AUM growth that's quite remarkable, but also the 32 percent annual growth in the number of operational entities that has become a direct reflection of rising investor and business confidence in ADGM,' explains Arvind Ramamurthy , chief of market development at ADGM. 'Furthermore, it also highlights the appeal of ADGM's regulatory clarity, global connectivity, and business-friendly infrastructure.' The financial sub-sector within ADGM's ecosystem particularly flourished, with 275 financial institutions already registered within its jurisdiction at the start of 2025, 79 of which were licensed during 2024 alone. These aren't just regional players — they include global giants such as Polen Capital, General Atlantic, Lone Star Funds, Investindustrial, Marshall Wace, AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services, Morgan Stanley — in addition to the previously mentioned BlackRock, PGIM, and Nuveen. Additionally, ADGM's expansion to Al Reem Island saw 1,100 new entities now operating under its jurisdiction. ADGM has emerged as one of the world's fastest-growing financial ecosystems The gravitational pull: Why global financial leaders are choosing Abu Dhabi What's driving this remarkable influx of global financial institutions to ADGM? According to Ramamurthy, several key factors explain the center's gravitational pull. 'Being able to attract industry leaders like BlackRock, PGIM, Morgan Stanley, and AXA IM is causing the gravitation of other players following the industry leaders,' he notes. This 'bandwagon effect' has accelerated as more financial heavyweights announce their commitment to the center. 'The expansion is further bolstered by announcements of the establishment of global banks and growth in ADGM from heavyweights such as JPM, Morgan Stanley, BNP, and Citi, among others, which solidify the opportunity Abu Dhabi offers,' Ramamurthy adds. Beyond the presence of financial giants, Abu Dhabi's reputation as 'the safest city' with strong liability protections and economic stability is making it easy for decision-makers of global funds to consider setting up business in the UAE capital, and in ADGM in particular. This sense of security and stability cannot be understated in a world marked by geopolitical uncertainty and economic volatility. A robust and progressive regulatory framework At the heart of ADGM's appeal lies a robust and progressive regulatory framework. Unlike many other financial centers that operate with rigid, prescriptive rules, ADGM has adopted a principles-based approach aligned with global best practices. This offers predictability and trust — critical factors for global investors, asset managers, and fintech players. The Financial Services Regulatory Authority (FSRA) of ADGM has been particularly innovative in developing frameworks that address emerging areas of finance. Recently, it issued a comprehensive regulatory framework for fiat-referenced tokens (FRTs), expanded its digital asset ecosystem, and introduced guidance on staking, lending, and borrowing in decentralized finance (DeFi). This regulatory innovation extends to sustainable finance as well. In 2024, the FSRA published guidance on ESG greenwashing and granted a new Green Fund Designation to Vortex Energy IV, a $1.8 billion AUM energy transition investment manager based in ADGM. Such initiatives demonstrate ADGM's commitment to balancing innovation with investor protection — a delicate balance that many financial centers struggle to achieve. ADGM has firmly established itself as a regional financial hub that is rapidly gaining global prominence Beyond traditional finance: ADGM's sectoral diversification What distinguishes ADGM from many other financial centers is its strategic diversification beyond traditional banking and asset management. As Ramamurthy observes: 'ADGM is no longer just a financial center — it's a hub for fintech innovation, sustainable finance, private equity, family offices, and digital assets. This diversity creates resilience and attracts a broader range of global and regional players.' The sustainable finance sector has been particularly notable in ADGM's expansion. The center now leads the UAE Sustainable Finance Working Group and houses ALTÉRRA, a $30 billion private investment vehicle dedicated to climate action. The Global Climate Finance Center (GCFC) is also headquartered in ADGM, further cementing Abu Dhabi's position as a leader in green finance. Similarly, ADGM has positioned itself at the cutting edge of financial technology. Its fintech ecosystem continues to attract top-tier global players such as eToro and M2, while regulatory innovations around decentralized autonomous organizations (DAOs), tokenized assets, and digital currencies are placing ADGM at the forefront of digital transformation in finance. The collaborative ecosystem: Startups, corporates, and government all working hand in hand ADGM's success isn't merely about attracting established financial institutions; it's equally focused on fostering innovation and entrepreneurship through strategic collaboration between startups, corporates, and government entities. 'Collaboration lies at the heart of ADGM's ecosystem strategy,' Ramamurthy emphasizes. 'In 2025, ADGM is focused on scaling up initiatives that bring together startups, corporations, and government bodies to co-create and commercialize innovation.' Central to this collaborative approach is Hub71, Abu Dhabi's global tech ecosystem based in ADGM. Backed by sovereign wealth funds and major corporations, Hub71 supports startups through funding, mentorship, and market access, serving as a bridge between innovators and institutional players. The RegLab, ADGM's regulatory sandbox, continues to function as a 'living lab' for fintech experimentation, allowing startups to pilot solutions in a controlled environment with regulatory support. This close engagement helps shape market-relevant regulations while reducing the risks associated with innovation. For small and medium-sized enterprises, ADGM subsidiary Numou, established in 2023, has expanded its network of lending partners and strengthened its position as a digital lending marketplace. The platform now features collaborations with institutions like the Khalifa Fund for Enterprise Development and private credit providers such as Credible-X, Klubworks, and NymCard Payment Technologies. Global outreach: Extending ADGM's international presence While building its domestic ecosystem, ADGM has simultaneously pursued an aggressive international outreach strategy. In 2024, the center hosted roadshows across major financial capitals including New York, Washington, Paris, Switzerland, Hong Kong, Shanghai, Singapore, and London. 'During these engagements, ADGM highlighted Abu Dhabi's dynamic financial ecosystem to institutional investors, asset managers, and global financial leaders, bringing the total number of bilateral discussions to more than 300 across key international markets,' Ramamurthy notes. This global outreach has paid dividends, attracting investment and institutional presence to the center, and continues to do so as conversations have extended beyond the roadshow which could eventually lead to more business for ADGM, and Abu Dhabi in general. As such, additional roadshows are being planned for 2025 as part of ADGM's strategy to continue expanding its global influence, further contributing to its projected growth in the coming year. ADGM was home to 134 asset and fund managers overseeing 166 funds Seeing opportunities behind challenges With its remarkable success, ADGM now faces the challenge of maintaining its growth trajectory and fulfilling its vision of becoming a truly global financial center. ADGM's growth will naturally require attracting and retaining talent to fuel its continued growth. Sustaining such growth requires a deep talent pool with specialized skills in finance, technology, and regulatory compliance. Though competing with established financial centers like London, New York, and Singapore, which have extensive networks of universities, professional training programs, and established expatriate communities, Abu Dhabi has many attractive aspects that make it a haven for world-class talent, including tax-free salaries, top-notch education and healthcare facilities, first-rate infrastructure in addition to the capital being rated as the safest city in the world for nine consecutive years since 2017. ADGM will also need to ensure regulatory agility, along with stability and investor protection. As ADGM ventures into cutting-edge areas like digital assets, decentralized finance, and climate finance, it will need to continuously innovate its regulatory framework without introducing uncertainty or risk. This balancing act becomes increasingly complex as the center grows and diversifies. 'ADGM views competition from other regional financial hubs as an exciting opportunity for growth,' Ramamurthy says. 'As these financial centers vie for the same pool of global financial institutions, talent and capital, ADGM has a unique position as the 'Capital of Capital'. By continuing to focus on regulatory innovation, ecosystem development, and strategic specialization, the IFC can strengthen its position and attract more global attention, solidifying its role as a leading financial hub in the MEASA region,' he adds. In addition, growth is closely connected to the broader economic dynamics shaping the Gulf region. Factors like oil price fluctuations and changing global investment trends offer opportunities to influence the center's development in a positive direction. For ADGM's leadership, these factors present opportunities to showcase the financial center's strengths and capabilities in order to continue its upward trajectory. 'As a dynamic financial hub built for progress, ADGM will continue to attract leading financial institutions, asset managers, and exchanges, strengthening Abu Dhabi's position as a premier global financial center,' Ramamurthy says. The path forward: ADGM's vision for 2025 and beyond Looking ahead, ADGM is building on its 2024 momentum with ambitious plans for further growth and innovation. In asset management, the center aims to continue enhancing its fund framework and regulatory ecosystem, offering a range of structures from Qualified Investor Funds (QIFs) and public funds to sector-specific vehicles for venture capital and private equity. ADGM serves as a key enabler for accelerated growth across strategic clusters such as hedge funds, private banking, wealth management, family offices, and digital assets, offering a robust regulatory framework and world-class infrastructure. By driving innovation and fostering a dynamic ecosystem, ADGM supports the rapid expansion of these sectors, positioning them at the forefront of global financial markets. 'Our goal is to make ADGM a top destination for global fund managers by offering flexibility, efficiency, and access to Abu Dhabi's sovereign wealth funds and capital markets,' Ramamurthy explains. For sustainable finance, ADGM is focused on enhancing climate risk management practices, implementing a structured mandatory ESG disclosure framework, and refining climate transition planning in alignment with the UAE's Net-Zero goals. The center is also exploring new strategic sectors for 2025 and beyond, including energy transition technologies and climate tech, to broaden its financial ecosystem and attract next-generation capital flows. 'Looking ahead, ADGM remains optimistic that its ecosystem's evolution will continue to reinforce Abu Dhabi's role as the 'Capital of Capital' — where growth, innovation, and responsible finance converge,' Ramamurthy states. In a world where financial innovation and capital flows are increasingly moving eastward and southward, ADGM's rise may well presage a broader realignment of the global financial landscape, one in which Abu Dhabi plays a central role as a nexus of traditional finance, technological innovation, and sustainable investment. The path forward for ADGM appears bright, and will require continued vision, adaptability, and execution excellence to contribute towards realizing Abu Dhabi's financial ambitions. If its 2024 performance is any indication, this year will no doubt see the Falcon Economy soaring higher and strengthening its position as the world's 'Capital of Capital'. For more features, click here
Zawya
18-02-2025
- Business
- Zawya
GFA celebrates resounding success at MRO Middle East 2025
Dubai, UAE— GFA emerged as one of the standout success stories at MRO Middle East 2025. The two-day exhibition, held at the Dubai World Trade Center, attracted over 7,500 aviation professionals and featured more than 250 exhibitors, the largest event of its kind in the region. GFA's impressive presentation and innovative aviation solutions captured significant attention, helping the company cement its reputation as a key player in the industry. During the event, GFA's booth 775 captivated industry experts, prospective clients, and key players in the industry with demonstrations of its fast turnaround exchange models, comprehensive repair and overhaul services, component leasing, and inventory consignment solutions. A major highlight of the event was the signing of a GTA agreement with Gulf Aircraft & Engineering Services (GAES), an important step that is expected to further grow GFA's service portfolio and strengthen its global market presence. 'We are extremely pleased with the overwhelming response received at MRO Middle East 2025,' said Asif Aziz, Director, International Sales.' Our team worked tirelessly, and the response was incredibly positive. Signing the GTA with GAES marks another milestone that grows our service portfolio. We are thrilled by the promising business opportunities and strategic collaborations emerging from this event and are confident they will drive our ongoing growth and innovation.' The success during MRO Middle East 2025 not only reinforces GFA's standing as a trusted and reliable partner in the aviation industry but also highlights its commitment to delivering excellence across all aspects. The event offered a unique opportunity to engage directly with key stakeholders and exhibit GFA's innovative aviation solutions. Looking ahead, the connections, insights, and partnerships, such as the one with GAES, are expected to drive opportunities for growth and expansion for the company, further establishing GFA as a global leader and a go-to provider for the aviation industry worldwide. About GFA With over 15 years of experience, GFA achieved prominence through delivering high-quality aviation parts and services worldwide. Backed by a vast global network and an unwavering dedication to quality, safety, and efficiency, GFA is the trusted partner for airlines, repair stations, and aviation professionals. Delivered over 3Mn + Aircraft Parts Partnered with 500 + Aircraft Spares Vendors Managed over 250 + Aircraft Vendors Equipped with 50 + Repair Station Partners For more information about GFA and its innovative aviation solutions, please visit the GFA website. For media inquiries or more information, please contact: Manu Sebastian Manager - Sales manu@
