14 Financial Institutions Confirm Setup in Abu Dhabi in One Week Including JP Morgan

14 Financial Institutions Confirm Setup in Abu Dhabi in One Week Including JP Morgan

Abu Dhabi Global Market (ADGM) announced during this week’s Abu Dhabi Finance Week not less then 14 major financial institutions representing a total AUM of USD 452bn 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).

In a resounding 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

Jamie Dimon

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 licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here.”

This is in addition to the world’s largest independent financial services group, Rothschild & Co, who have expanded their strong two-decade presence across the Emirates via a newly granted ADGM licence as part of the firm’s broader expansion strategy and commitment to the region, and the World Bank renewing their long-term presence in the financial centre.

Saeed Al Awar

Saeed Al Awar

Saeed Al Awar, Partner and Head of Middle East, Rothschild & Co, said:

“We are delighted to have received our licensing approvals from ADGM. This is an expansion of our existing presence in the UAE where we have been operating for nearly two decades which reaffirms our commitment to our clients in Abu Dhabi and the UAE and is part of our broader expansion strategy and commitment to the region.”

The attractiveness of ADGM as a holistic financial hub, which stands as the sole jurisdiction in the region to adopt the direct application of English common law, has resulted in renowned global firms establishing themselves in the nation’s capital, including BNY Mellon venture Alpheya, GQG Partners, Joy Capital, Apeiron Group Investments, The Children’s Investment Fund (TCI), Copper, Vibrant Capital, Centricus, and Eiffel Investment. The UAE’s capital international financial centre also recorded six further announcements made by emerging growth firms, bringing the total to 23.

The market announcements were released during the second edition of Abu Dhabi Finance Week (ADFW), which welcomed over 17,000 attendees from over 100 countries.


Featured image credit: ADFW

No Comments so far

Jump into a conversation

No Comments Yet!

You can be the one to start a conversation.

Your data will be safe!Your e-mail address will not be published. Also other data will not be shared with third person.