Abu Dhabi Finance Week 2024 attracts over 20,000 participants from across the world

Abu Dhabi Finance Week (ADFW) successfully concluded its third edition on 12 December 2024, writes Martin Zubeldia, Business Development Manager at Sovereign PPG in the UAE.

Hosted by Abu Dhabi Global Market (ADGM), with Abu Dhabi’s sovereign wealth investor ADQ acting as the headline partner, ADFW 2024 attracted over 20,000 leaders, experts and executives from across the global financial services industry.

The theme ‘Welcome to the Capital of Capital’ explored the various facets of capital, including economic, human, cultural, environmental and technological. The agenda featured over 600 speakers and 350 thematic sessions across more than 60 events and strategic forums. New additions included the UBS Investor Forum, the Islamic Finance Summit, the Spear’s Private Wealth Summit and the Abu Dhabi Capital Markets Showcase.

The event’s first day centred on Abu Dhabi’s ‘Falcon Economy’, which symbolises the UAE’s economic ascent supported by Abu Dhabi’s growth as a leading global business hub.

“In a world seeking stability and growth, Abu Dhabi’s Falcon Economy stands as an unwavering partner for businesses, investors, innovators, and visionaries alike, welcoming them to the ‘Capital of Capital’, said ADGM chairman Ahmed Jasim Al Zaabi, member of Abu Dhabi’s Executive Council.

“Here, every investment and every relationship are supported by our commitment to build a future defined by trust, resilience and boundless opportunity. As our jurisdiction expands and achieves new milestones, our community grows simultaneously.”

Within the ADFW umbrella were a number of different strategic forums, including:

• The second edition of the Abu Dhabi Economic Forum (ADEF) featured in-depth discussions on the current state and future prospects of the Falcon Economy, bringing together senior leadership from Abu Dhabi’s government, as well as prominent figures from the private sector, representing key industries.
• The third edition of Asset Abu Dhabi gathered asset allocators and asset managers, investment bankers, venture capitalists, private equities, family offices and other institutional investors, which collectively manage over USD42.5 trillion in assets, to share their perspectives and offer insights into some of the world’s biggest hedge funds.
• The seventh edition of Abu Dhabi Sustainable Finance Forum (ADSFF) with a focus on sustainable finance and climate action. Hosted by ADGM in collaboration with the Global Climate Finance Centre (GCFC), HSBC, and Smartenergy, the forum featured strategic discussions on advancing the UAE’s net-zero ambitions, global climate fund mobilisation, and the role of AI in addressing sustainability challenges.
• The third edition of RESOLVE, held under the theme ‘Resilience,’ brought together global leaders to share insights on how resilience drives success for both businesses and clients.
• The third edition of the Global Financial Regulators Summit, convening senior regulatory representatives from the MENA region, the European Union, the UK and Asia, which focused on the role of artificial intelligence (AI) in the financial services sector.
• The eighth edition of Fintech Abu Dhabi reaffirmed its status as the Middle East’s largest fintech festival. Focusing on payments, digital assets, digital security and credit, the ADGM also showcased a number of recent regulatory developments, including:
• A comprehensive framework for the issuance of Fiat-Referenced Tokens (FRTs) within ADGM, broadening the range of digital assets available in a regulated environment.
• The release of detailed guidance addressing IT Risk Management.
• A consultation paper on proposed updates to the Virtual Asset Framework.

ADFW 2024 witnessed the signing of over 44 Memorandums of Understanding (MoUs), which included notable agreements between ADGM and Istanbul Financial Centre, Beijing Financial Street Bureau, Polygon, PaloAlto Networks and Ma’an. ADGM Academy signed seven MoUs with leading entities such as Abu Dhabi Youth Business Council (ADYBC), Massachusetts Institute of Technology (MIT), Ray Dalio, Sandooq Al Watan, Standard Chartered, Visa and the Wealth Management Institute (WMI).

The success of ADFW 2024 further solidifies ADGM and Abu Dhabi’s position as a global financial powerhouse, attracting global investors and creating opportunities for collaboration that drive innovation. This achievement comes off the back of a remarkable year of growth for ADGM, which reported significant milestones across key performance indicators, including a 6.6% increase in Abu Dhabi’s non-oil GDP.

ADGM’s recent expansion into Al Reem Island enables it to accommodate more businesses and support the transition of businesses into its robust regulatory environment. ADGM introduced several incentives including fee exemptions for non-financial and retail sector entities until 31 December 2024 and substantial fee reductions starting 1 January 2025.

ADGM also announced the forthcoming establishment of the Insurance Association within its jurisdiction. This initiative represents a significant milestone in advancing the insurance and reinsurance sectors in ADGM and the UAE, aiming to create a unified platform to support industry growth and innovation.

ADGM’s international regulatory framework, based on English Common Law, continues to enhance its appeal as a secure and transparent jurisdiction for foreign investors. With reduced set-up fees and enhanced infrastructure, ADGM offers businesses the opportunity to establish themselves in one of the world’s most dynamic financial hubs in the most cost-effective way.

Building on this momentum, ADFW 2025 is set to take place from 8 to 11 December 2025, promising even greater opportunities for innovation and collaboration in the financial sector.

Sovereign PPG is a registered agent in ADGM and can assist with all set up matters by providing comprehensive support in legal structuring, licensing, compliance and more to help new businesses navigate the region’s unique regulatory landscape effectively.

If you need assistance with the set up in ADGM, restructuring, local partner, PRO support, or any other related service, please contact Jade Wong.