Latest news with #financialhub
The National
2 days ago
- Business
- The National
Abu Dhabi's ADGM attracts more firms in first quarter with assets under management up 33%
Abu Dhabi's ADGM recorded a rise in the number of firms in the first quarter of this year, with assets under management also increasing by 33 per cent annually, as the financial hub continues to attract global businesses. The total number of operational entities in ADGM increased 43 per cent annually to 2,781 in the first three months of this year, it said in a statement on Tuesday. At the end of last year, the financial zone had 2,381 operational entities. Meanwhile, the number of financial services entities increased by 26 per cent year-on-year in the first quarter to 367. At the end of March, ADGM had 119 asset and fund managers, down from 134 at the end of last year. But the number of funds managed out of ADGM during the same period rose to 184, up from 166 funds at the end of 2024. The number of new licences also rose by 67 per cent annually, with firms establishing a presence during the three-month period including Skadden, Investindustrial, NewVest, Arcapita, Polen Capital, Seviora, Olive Gaea, TON and Aquila Group. In February, German asset manager Patrizia, which has about €55 billion ($57.7 billion) in assets under management, was also granted regulatory approval to start operating at ADGM. It will be Patrizia's first office in the Middle East and 26th globally. Last year, ADGM also welcomed trillion-dollar asset managers including New York-based BlackRock; PGIM, the global asset management business of Prudential Financial; and Chicago investment firm Nuveen. Growth has been 'supported by continuing global investor confidence, regulatory enhancements, and the successful implementation of major initiatives within its expanded jurisdiction on Al Reem Island', ADGM said. 'ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors,' said Ahmed Al Zaabi, chairman of ADGM. Established in 2015 on Al Maryah Island, ADGM has recorded rapid growth as Abu Dhabi enhances its non-oil economy and focuses on attracting more international companies and investors. Abu Dhabi's economy expanded by 3.8 per cent annually last year to reach an all-time high value of Dh1.2 trillion ($326.7 billion) on a boost from the non-oil sector. The emirate's non-oil sector grew 6.2 per cent during the 12-month period to Dh644.3 billion, marking its highest annual contribution yet to the total gross domestic product at 54.7 per cent, state news agency Wam reported in March. ADGM has also been growing its jurisdiction to cater to increasing demand, and in the first quarter, completed its expansion to Al Reem Island. More than 600 new businesses have set up on Al Reem Island, and more than 500 existing companies have migrated to an ADGM licence, it said. Currently, a total of 1,100 new entities operate within ADGM's expanded jurisdiction. In terms of workforce, a total of 3,509 new ADGM work permits have been issued to businesses establishing on Al Reem Island. The workforce on Al Maryah Island also rose 17 per cent annually in the first quarter to more than 29,000 individuals. In February, ADGM announced new employment regulations, which took effect in April, that offer people working remotely for companies in the financial zone the same rights as office-based staff, such as maternity leave, sick pay and end-of-service payments. In January, ADGM also introduced a revised fee schedule, reducing commercial licence costs by 50 per cent or more for non-financial and retail businesses. The new structure, aimed at supporting small businesses, sets a flat licence fee of Dh1,000. Looking ahead, ADGM said it 'expects continued growth in the market, reinforced by an increasing interest from international firms across Europe and Asia'.
Khaleej Times
3 days ago
- Business
- Khaleej Times
CBUAE: A Future-ready Central Bank Set to Drive Digital Transformation
The Central Bank of the UAE's golden jubilee marks a significant milestone in its journey towards becoming a future-ready institution. Over the past five decades, the bank has evolved alongside the dynamic financial landscape by laying a solid foundation of banking sector, championing innovations in digital transformation and Islamic finance to meet the modern economic needs of its citizens. Embracing digital transformation, the central bank has positioned itself as a future-ready institution, driving the UAE's vision to become a global financial hub. It not only takes appropriate steps to ensure competitiveness and transparency, but also promote Islamic finance in line with the UAE's sustainable economic agenda. Khaled Mohamed Balama, Governor, Central Bank of the UAE (CBUAE), in annual report of 2024 said the central bank continued its journey of excellence and leadership last year and it was reflected in the achievement of exceptional milestones such as the issuance of legislations and regulations to enhance regulatory and supervisory framework; guidance to ensure compliance, improve the governance of licensed financial institutions and efficiently manage risks. 'We are proud to work on the launch of the 'Open Finance Platform', which will be the first platform of its kind globally and distinguished by unique features that take into account the interests of consumers and ensure enhanced customer experiences,' the Governor said. 'We also continue to develop our 'Supervisory Technology Platform', which aims to enhance the efficiency and effectiveness of supervisory operations by automating certain activities and providing access to more insightful regulatory data,' he added. In addition, in line with the vision and directives of the wise leadership on the future of government services and its transformation into a global model, the CBUAE worked to achieve the objectives of the nation-wide ' Zero Government Bureaucracy' programme through improving the quality of services in the financial sector. Under the Financial Infrastructure Transformation (FIT) programme, with an 85 per cent completion rate by 2024, the CBUAE introduced groundbreaking initiatives like the Digital Dirham and Central Bank Digital Currency (CBDC), showcased during the anniversary via a cross-border payment on the mBridge platform. The 'Aani' instant payment platform and 'Open Finance' further enhance seamless, secure transactions, fostering financial inclusion in the country. As part of its digital transformation strategy, the central bank has successfully integrated advanced technologies such as blockchain, artificial intelligence, cloud technologies and digital currencies, enhancing operational efficiency, transparency, and accessibility. This proactive approach ensures that financial services are readily available to all segments of society, promoting financial inclusion and literacy. Pioneer in Islamic Finance The central bank has also been a pioneer in Islamic finance, aligning its banking practices with ethical and Shariah-compliant principles. This commitment has not only diversified the financial sector but also attracted investments from local and international markets, fostering growth and stability. The UAE Islamic banks' assets have crossed the Dh1 trillion mark in 2024, which shows success of the CBUAE policy initiatives as well as confidence of global investors on its Shariah-compliance banking. The share of Islamic banks in the total banking assets was 24 per cent as of end-2024, according to the global rating agency Moody's Ratings. 'Currently, the banks in the UAE operate in a stable environment supported by diversification efforts and structural reforms which will continue to promote growth in the non-oil economy,' said Moody's analysts. On May 6, the UAE announced plans to significantly increase the assets of Islamic banks in the federation and value of locally listed sukuk by 2031. Specifically, the government aims to increase the assets of Islamic banks to Dh256 trillion ($697 billion) from Dh986 billion ($268 billion), the total amount of listed local Islamic sukuk to more than Dh660 billion ($180 billion) and the total amount of international sukuk to Dh395 billion ($108 billion). In 2024, $12.7 billion of sukuk was issued in the UAE, of which the UAE banks issued $4 billion, according to Moody's. 'The projected increase in Islamic banking assets will cement the UAE's position as the third-largest contributor to the Islamic finance market,' it said. Analysts and financial sector experts attribute the success of the UAE's conventional and Islamic banks to central bank and said it is only possible due to solid foundation laid down by the CBUAE. Referring to latest data by Kamco Invest, they said the UAE-listed banks have retained their supremacy in the Gulf region as they once again topped in GCC with the highest return on equity at the end of January-March 2025 quarter at 16.6 per cent. 'The UAE banks once again ranked first in the GCC in terms of Net Interest Margins (NIMs) that reached 3.34 per cent in first quarter of 2025 as compared to 3.39 per cent during the fourth quarter of 2024. The UAE-listed banks showed the biggest absolute growth in net profits with an increase of $639.6 million or 11.8 per cent during the quarter,' Kamco Invest, a financial consultancy, said in its first-quarter report. Looking ahead, the central bank aims to continue its leadership role in shaping a robust financial ecosystem, leveraging digital innovation and Islamic finance to navigate the challenges of the global economy. As the bank celebrates its golden anniversary, the institution stands poised to embrace new opportunities, ensuring sustainable economic development for future generations. In January, the Central Bank of the United Arab Emirates (CBUAE) has announced the issuance of silver coins to mark the bank's golden jubilee. The CBUAE's 50th anniversary silver coin embodies its achievements in developing the banking and financial sector over the past decades. The CBUAE has issued 3,000 of these commemorative coins, each weighing 60 grammes. The obverse features the image of The President His Highness Sheikh Mohamed bin Zayed Al Nahyan surrounded by his name in Arabic and the phrase 'President of the United Arab Emirates'. The coin's reverse features an illustration of the CBUAE building, along with the phrase '50 Years of the Central Bank of the UAE' on the upper and lower edges in Arabic and English, the years 1973-2023, and the nominal value of Dh50.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAB congratulates the Central Bank of the UAE on its 50th anniversary
Shirish Bhide, Chief Executive Officer of United Arab Bank (UAB), extended his warmest congratulations to Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE) and to Khaled Mohamed Balama, Governor of CBUAE, on the momentous occasion of the central bank's golden jubilee — celebrating five decades of impactful contributions to the country's financial and economic development. 'The Central Bank of the UAE's unwavering commitment to stability, innovation, and sustainable growth has been instrumental in positioning the UAE as a leading global financial hub. Its pioneering efforts in digital transformation, green finance, and regulatory excellence continue to align with the nation's bold vision for a diversified, inclusive, and future-ready economy.' 'I would like to extend my heartfelt congratulations and good wishes to the visionary leadership of the UAE on the 50th anniversary of CBUAE. The central bank's five-decade journey stands as a testament to progressive governance and an enduring pursuit of excellence.' Bhide reaffirmed United Arab Bank's full support for the central bank's strategic direction and emphasised the institution's active role in contributing to national priorities. 'At United Arab Bank, we are proud to operate under the robust regulatory framework set by the CBUAE. We remain deeply committed to supporting the national agenda — whether by enhancing financial inclusion, driving sustainable banking practices, or adopting innovative technologies that serve both our customers and the broader economy.' 'We are aligned with the Central Bank's Financial Infrastructure Transformation Programme and its digital infrastructure strategy. As a UAE-headquartered bank, we view our role as both a responsible partner in implementation and a catalyst for growth. We are also proud to support the country's Emiratisation efforts by investing in the development of the next generation of Emirati leaders.' 'The central bank's golden jubilee is a significant and inspiring milestone not only for the financial sector and banking industry, but for the nation as a whole. We celebrate this historic moment with gratitude for the central bank's leadership and guidance, and with a renewed commitment to collaborate in advancing innovation, financial inclusion and long term prosperity. Here's to honouring the past 50 years and building a brighter financial future together.'
Bloomberg
3 days ago
- Business
- Bloomberg
Hong Kong's 2025 Growth Outlook Cut by AMRO on Trade Uncertainty
Hong Kong's growth outlook was cut by a regional organization, which urged the city to diversify its economy and trading partners to counter growing protectionism. The Asian financial hub is set to expand 1.9% in 2025 from the prior year, according to the ASEAN+3 Macroeconomic Research Office (AMRO), a step down from the group's 2.4% forecast just last month.
Bloomberg
22-05-2025
- Business
- Bloomberg
Top Chinese Drugmaker Hengrui Set to Begin Hong Kong Trading
Jiangsu Hengrui Pharmaceuticals Co., China's largest drugmaker by market value, is set to begin trading in Hong Kong Friday after raising HK$9.9 billion ($1.3 billion) as listings pick up in the Asian financial hub. The stock jumped in Hong Kong gray market trading on Thursday. The company had sold its stock at the top end of the marketed range amid strong demand for the shares.
