Fintech PR
Abu Dhabi The Destination of Choice for Global Players With ADGM’s Record-Breaking Numbers for First Half of 2023
- As the GCC’s largest powerhouse contributing a share of 62% of total capital deployed by the Gulf region sovereign investors in 2022, Abu Dhabi’s position stands strengthened by ADGM’s strong year-on-year growth of 35% for AUM as of June 2023.
ABU DHABI, UAE, Sept. 14, 2023 /PRNewswire/ — Abu Dhabi, the capital of the United Arab Emirates, has continued to attract major global and regional players to its International Financial Centre (IFC), Abu Dhabi Global Market (ADGM). A strong performance during the first half of 2023 (H1 2023) by ADGM has demonstrated significant growth across various aspects, setting a positive tone for the rest of the year and continuing its contribution to positioning Abu Dhabi as a leading financial powerhouse and a ‘falcon economy’.
Strengthening Abu Dhabi’s Position as the GCC’s Financial Powerhouse
Recent numbers showcase several investment firms and hedge funds setting up within ADGM; reaching a total of 102 asset managers operating in ADGM and managing 128 funds, contributing to Abu Dhabi’s leading position in the asset management sector. ADGM’s assets under management (AUM) highlighted a year-on-year record growth of 35% as of June 2023.
Another plug-in to this sector was the announcement of the enhancements to the regulatory framework of the Financial Services Regulatory Authority (FSRA) of ADGM, enabling ADGM-based collective investment funds to invest in credit by originating and participating in credit facilities. Alternative financing for private enterprises, especially within the Small and Medium-sized Enterprise (SME) sector, was one of the major focusses of introducing the Private Credit Fund framework.
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 prominent global firms establishing themselves in ADGM in 2023, such as Brevan Howard, Ardian, Goldman Sachs, Tikehau Capital, Blackstone, SBI Capital, Asian Infrastructure Investment Bank (AIIB), Apollo, Fifth Wall, Fidera and Vibrant Capital. The IFC also witnessed a major addition in the first half of 2023, welcoming legendary investor Ray Dalio, who has selected Abu Dhabi as its next strategic hub to expand his family office’s global footprint.
ADGM is also considered a preferred destination for heavy-weight local and regional firms such as ADQ, Chimera, G42, Gulf Capital, OneIM and Investcorp.
Other renowned international and regional players in the financial space are soon to be fully operational within ADGM, as a total of 46 firms have already been granted In-Principle Approval (IPA) during the first half of 2023. This is a striking increase of 119% compared to the same period last year.
Commenting on their expansion to ADGM, Alan Howard, Founder, of Brevan Howard, said: “Abu Dhabi and ADGM offer a transparent and business-friendly environment to the banking, fintech, and investment management industries. It is an important global hub with tremendous potential. We are delighted to partner with the government as it builds and develops for the future.” Brevan Howard manages over USD 30 billion on behalf of institutional clients globally.
Rajeev Misra, CEO of OneIM, commented, “Abu Dhabi has become an international hub for investors, employers and employees alike. This Financial Services Permission (FSP) will enable us to pursue many of the exciting opportunities we see in this region and to propel the firm into the next stage of its journey.”
Pioneering Sustainable Finance and Welcoming Global Sustainability Titans
H1 2023 witnessed ADGM’s FSRA implementing its sustainable finance regulatory framework, comprising the region’s most comprehensive ESG disclosure requirements and a regulatory framework for funds, discretionary managed portfolios, bonds and sukuks designed to accelerate the transition of the UAE to net zero greenhouse gas emissions. The framework complements ADGM’s existing regulation of carbon offsets, facilitating the establishment of the world’s first regulated carbon offsets exchange in ADGM, AirCarbon Exchange (ACX).
In March, ADGM FSRA together with other members of the UAE Sustainable Finance Working Group (SFWG), issued a draft “Principles for the Effective Management of Climate-Related Financial Risks” (“the draft Principles”) for consultation and will be published in the second half of 2023.
Earlier this year, the USD 100 billion multilateral development bank, Asian Infrastructure Investment Bank (AIIB) signed an agreement to establish its first Interim Operational Hub at ADGM, which will become its first overseas office. The AIIB’s mission is to finance infrastructure with sustainability at its core.
ADGM’s Efficiency Continues to Elevate Despite Being One of The World’s Largest Financial District
A significant milestone in ADGM’s growth journey this year was marked by the announcement of the tenfold expansion of its geographic area, bringing Al Reem Island under its jurisdiction, in addition to the existing Al Maryah Island. It has positioned ADGM as one of the largest financial districts in the world, totalling 14.38 million sqm.
The expansion was the next natural step for ADGM following the growth trajectory it has experienced in recent times with global, regional and local companies increasingly choosing Abu Dhabi as the destination to expand and grow their businesses. This is also reflected in H1 2023 numbers with the operational entities soaring to a 36% year-on-year increase as of June 2023 to reach a total of 1,590 entities. Furthermore, during the same period, ADGM Square’s workforce displayed a rise of 28% bringing a total of 12,080 talented individuals.
From June 2022 to June 2023, the efficiency and speed of issuing commercial licences witnessed a notable 50% improvement. There has also been a remarkable 69% increase in efficiency and speed specifically for issuing commercial licences for SPVs.
Additional significant achievements for H1 2023
- The Registration Authority of ADGM published a consultation paper on the legislative framework for Distributed Ledger Technology (DLT) Foundations.
- ADGM launched its inaugural Money Laundering and Terrorist Financing (ML/TF) Risk Assessment of ADGM Legal Persons and Arrangements Report (LPA Report) in May 2023.
- Abu Dhabi Sustainable Finance Forum (ADSFF) concluded its fifth edition with a focus on ‘Charting the path to COP28,’ as the nation prepares to host the global event later this year.
- The second edition of RESOLVE was launched as Abu Dhabi’s dispute resolution forum by ADGM Courts and ADGM Arbitration Centre that witnessed a physical attendance of more than 2,400, focused on Sustainability, Web3 and AI, Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) and sanctions, as well as the evolving infrastructure of the UAE.
- ADGM announced the return of Abu Dhabi Finance Week which will be held from 27th November to 30th November 2023.
Commenting on these positive developments, H.E. Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council & Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM said, “What we are witnessing in Abu Dhabi today, with some of the major global players choosing the capital city to base their business operations is nothing short of a major transition that is supporting the growth and diversification of the ‘Falcon Economy’. We are excited to see the growth numbers of ADGM at the end of the first half of 2023 which reinforces our position as the fastest-growing international financial centre in the region. Our efforts underline Abu Dhabi’s economic vision and ADGM’s overall strategy to make the financial sector a strong contributor to Abu Dhabi’s GDP and knowledge-based economy. Our outlook remains strong for 2023, as we continue working with key government stakeholders on the seamless expansion of ADGM’s jurisdiction and catering to the growing demand of businesses to be based in Abu Dhabi.”
The overall positive outlook for 2023 that ADGM has successfully shown since the start of the year reflects its Growth Strategy 2023-2027 and its alignment with Abu Dhabi’s overall goals to drive economic diversification through the growing financial sector.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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