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Firms Based in Abu Dhabi's ADGM Set to Expand Business and Boost Hiring in 2024

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Staff Writer, TLR

Published on March 20, 2024, 15:24:42

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According to a recent survey, over 70 per cent of companies within the Abu Dhabi Global Market (ADGM) are planning to increase their workforce this year.

With 1,825 active entities in the market as of 2023, this surge in hiring could result in hundreds, if not thousands, of new job opportunities.

Among the firms intending to grow their teams – representing 70.81 per cent of the financial hub – nearly 30 per cent anticipate substantial expansion, while 40.88 per cent are planning more moderate increases in staffing.

Conducted by the financial centre itself, the survey targeted senior management of ADGM-registered firms. It highlighted that 18.56 per cent of respondents recognise significant growth prospects in asset management within the financial centre.

Additionally, respondents identified notable growth potential in fintech, digital assets, blockchain and distributed ledger technology (DLT).

ADGM, serving as the financial free zone of Abu Dhabi, governs Al Maryah Island and expanded to include Reem Island in May 2023.

When asked about the centre's competitive edge, respondents cited various factors: 21.35 per cent pointed to the robust regulatory environment, 19.66 per cent highlighted its strategic location, 17.04 per cent emphasised the quality of life in Abu Dhabi, and 14.98 per cent acknowledged the diverse community. Furthermore, 11.24 per cent underscored the availability of a skilled workforce.

Recent announcements from multinational corporations reinforce ADGM's appeal. Standard Chartered's SC Ventures unveiled its ADGM office in January while investment bank Morgan Stanley inaugurated its fourth regional office there last month.

Additionally, Abu Dhabi developer Aldar disclosed plans for Dh5 billion ($1.361 billion) worth of developments, including a new Grade A commercial tower for Al Maryah Island, last month.

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