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Abu Dhabi: The Capital of Capital Ends 2023 with ADGM as the Region’s Fastest-Growing IFC

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ABU DHABI, UAE, March 6, 2024 /PRNewswire/ — Abu Dhabi Global Market (ADGM), has declared 2023 as a year of success for the international financial centre of the UAE’s capital, highlighting its performance as the fastest-growing financial centre in the region for two consecutive years, as well as Abu Dhabi’s rise as a globally recognised financial hub.

ADGM had a strong start to 2023, building on the significant growth demonstrated in 2022 along with a positive outlook for the year ahead. This was underscored by the 2023 quarterly and half-yearly growth numbers across every aspect.

Region’s Strongest Financial Capital

ADGM’s asset management sector started strong in 2023 and ended even stronger as it continued to experience an unprecedented influx of global asset managers establishing their operations in the IFC.

Assets Under Management (AUM) as of 31st December 2023, showcased a year-on-year increase of 35% when compared to 2022 numbers. Numerous investment firms and hedge funds were set up within ADGM as recorded in the year-end data; with the total asset managers operating in ADGM reaching 102 who are managing 141 funds.

Emerging as a preferred destination for businesses across borders, ADGM has witnessed major global and regional giants within the sector establishing themselves in ADGM. Operational entities jumped to 1,825, a growth of 32% against 2022 figures (1,378 operational entities in 2022). Some of the names worth highlighting include Brevan Howard, Ardian, Goldman Sachs, Tikehau Capital, Blackstone, SBI Capital, Asian Infrastructure Investment Bank (AIIB), Apollo, Fifth Wall, Fidera and Vibrant Capital. Including renowned local and regional entities such as ADQ, Chimera, G42, Gulf Capital, OneIM and Investcorp. Furthermore, there are over 125 firms in the pipeline to be registered with ADGM.

The end of 2023 numbers also reflect 88 financial institutions and 2 exchanges that have received IPA from ADGM, of which a significant number are part of the asset management sector. Due to the number of asset management firms moving to ADGM, leading Asset and Fund Service Providers such as Fund Accounting and Fund Administration service providers are banking on the opportunity ADGM is unlocking.

This growth is substantiated by the increase in ADGM’s workforce which has climbed to 13,394 – a 22% rise in one year. Several global financial institutions and investment banks based within ADGM such as JP Morgan and BNP Paribas.

H.E. Ahmed Al Jasim Al Zaabi, Chairman of ADGM said, “A year into Abu Dhabi’s Falcon economy and a year of exceptional growth for Abu Dhabi Global Market. When we think of these factors together, it leads us to the realisation of what consistency, persistence and alignment to economic goals can achieve. In merely eight years, we have become one of the world’s largest financial districts and the fastest-growing international financial centre in the region, for two years consecutively.”

H.E. added, “Enhancing Abu Dhabi’s international standing as the ‘capital of capital’, ADGM has truly capitalised the capital city’s potential for the financial landscape and strategically unlocked opportunities within underlying sectors. The growth that we are witnessing today is the realisation of the visions of the UAE’s leadership. We remain strongly positive as we move forward into 2024.”

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ADFW 2023 – Financial Titans rally to Abu Dhabi

Abu Dhabi Finance Week (ADFW) 2023 has raised the bar for finance events in the region, by introducing the best of the best from across the globe. The event successfully hosted 18,000+ attendees, featuring five forums that encompassed 46 sub-events, 180 sessions and 300 international, regional and local speakers from diverse backgrounds. The global impact of the event stood quite high where 39% of the attendees represented global participants from100+ countries.

International icons of the financial industry such as Jamie Dimon, Chairman and Chief Executive Officer of JP Morgan and Ray Dalio, Founder, Co-Chairman and Co-Chief Investment Officer, of Bridgewater Associates spoke of the rise of Abu Dhabi as a global finance centre during ADFW.

A total of 23 market announcements were recorded during Abu Dhabi Finance Week, including major operational upgrades by The World Bank & JP Morgan, along with a strong lineup of emerging financial institutions ranging across fintech and sustainable finance.

Year of Sustainability’ and COP28

With the ‘Year of Sustainability’ – 2023 continuing into 2024 and the conclusion of COP28 hosted in the UAE, ADGM led multiple initiatives that promoted sustainable finance, aligning seamlessly with the sustainability goals of Abu Dhabi and the UAE.

In the first half of 2023, ADGM introduced the region’s first comprehensive regulatory framework for Sustainable Finance. This was followed by the UAE Sustainable Finance Working Group (SFWG) chaired by ADGM, publishing its third public statement emphasising three pivotal objectives of the UAE’s SFWG, right before COP28. Another announcement around the same time was ADGM being designated ‘Principal Climate Finance Partner’ of COP28 and becoming home to the pioneering Global Climate Finance Centre (GCFC), which will accelerate the development of climate finance frameworks and skills, and champion best practices in the UAE and globally. COP28 also witnessed the launch of ALTÉRRA, a USD 30 billion catalytic climate vehicle, in ADGM, which will drive forward international efforts to create a fairer climate finance system with an emphasis on improving access to funding for the Global South.

Furthermore, 28 new signatories signed the Abu Dhabi Sustainable Finance Declaration last year, an initiative led by ADGM, bringing the total count of committed signatories to 145.

Key Achievements – 2023

  • ADGM expanded tenfold by bringing Al Reem Island under its jurisdiction in May 2023, making it one of the world’s largest International Financial Districts with a geographic area of 14.38 million sqm.
  • 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.
  • ADGM FSRA announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance (“the AML Rulebook”).
  • The Registration Authority (RA) of ADGM published the legislative framework for Distributed Ledger Technology (DLT) Foundations.

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Protecht launches advanced controls management solution

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SYDNEY, Nov. 25, 2024 /PRNewswire/ — Protecht Group, a global leader in enterprise risk management solutions, has released its innovative controls management solution. This cutting-edge tool empowers organizations to design, implement, and maintain a robust controls framework, streamlining compliance and enhancing operational efficiency.

Protecht’s controls management solution addresses the challenges faced by risk and compliance leaders in managing controls across complex regulatory environments. By integrating controls management into the organization’s broader ERM framework, the solution provides a centralized approach to mitigate risks, achieve compliance, and enable organizations to focus on strategic growth.

As organizations face increasing regulatory pressures, the need for a unified, efficient approach to controls management has never been greater. Many businesses struggle with fragmented processes, duplicated efforts across frameworks, and limited visibility into controls effectiveness. Protecht’s controls management solution simplifies these complexities by providing a single source of truth for controls assurance activities.

Key features of Protecht’s controls management solution

  • Centralized controls library: Offers a single repository for all control data, tailored to align with organizational needs and regulatory frameworks.
  • Simplified control testing: Streamlines the testing process with pre-built templates, automated scheduling, and real-time tracking of progress and results.
  • Framework library: Enables seamless mapping between controls and multiple regulatory standards to eliminate redundancies and simplify compliance efforts.
  • Advanced reporting and dashboards: Provides real-time insights into control effectiveness and areas requiring improvement, ensuring confidence in decision-making and risk management strategies.

“Protecht’s Controls Management solution simplifies the way organizations handle compliance and risk assurance,” says Damien Stevens, Chief Product & Marketing Officer at Protecht. “By integrating controls into the broader enterprise risk framework, we provide our customers with the tools they need to mitigate risks, optimize efficiency, and align their control environments with their strategic objectives.”

Supporting resources

To help organizations maximize the benefits of the new solution, Protecht offers a range of resources, including:

  • Live webinars showcasing the solution’s capabilities for risk and IT professionals alike
  • Product tours showing how the solution lets you solve specific controls-related problems
  • A comprehensive eBook on building effective controls frameworks
  • Opportunities to book a demo and see the solution in action

Find out more and download a brochure at www.protechtgroup.com/solutions/controls-management

About Protecht Group

Headquartered in Sydney, Australia, with offices in London and Los Angeles, Protecht Group provides innovative risk management solutions, including the Protecht ERM platform. Trusted by organizations across government, financial services, education, and other industries, Protecht empowers businesses to manage risk holistically, transitioning from spreadsheets and manual processes to efficient, integrated systems.

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Cision View original content:https://www.prnewswire.co.uk/news-releases/protecht-launches-advanced-controls-management-solution-302315104.html

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Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia

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NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.

Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income. 

Robert will oversee the sales, trading, and research business globally for  Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.

Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.

Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”

Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”

Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”

He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”

About Dinosaur Group Holdings

Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.

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Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.

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New GitLaw platform makes creating legal documents free and fast

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BIRMINGHAM, England, Nov. 25, 2024 /PRNewswire/ — Each year 32% of small businesses experience a legal issue but only 25% of these are able to access professional help. Of those who did engage lawyers, many had to draw on personal savings just to meet fees. The current legal system is unaffordable with the balance tipped against those without vast financial resources.

GitLaw.co, launching this week, is looking to change that. GitLaw has published hundreds of legal document templates which are entirely free to download or customize through its platform. GitLaw is built by a group of tech entrepreneurs including Nick Holzherr who previously founded Whisk.com, a software platform acquired by Samsung in 2019.

GitLaw’s name is inspired by Git technology and open source software development. This collaborative model allows legal documents to be freely available to use, modify or share, with complete version history transparency. GitLaw’s vision is to create a collaborative open source community for legal documents. GitLaw’s specialized features help users efficiently customize and finalize legal templates. Users can submit templates as well as suggest changes to existing documents, resulting in free community-driven standards for legal documents.

The service is initially targeted at small businesses in the US and UK. “As a startup founder I have first hand experience of having to navigate legal battles without budgets for lawyers and I wish I’d had something like GitLaw – a reliable repository of free legal documents” said Nick Holzherr, one of the founders of GitLaw. “We already have 300 documents that cover key contract types like NDAs (Non Disclosure Agreements), Employment Agreements and Privacy Policies, and we hope the community will continue to provide more documents”. Most of the documents on GitLaw today are created and contributed by reputable law firms, lawyers, investors and organizations.

While the platform targets the 400m global small businesses first, the company has a mission to bring GitLaw to wider audiences. “In the medium term I hope we’ll be able to cover a lot more areas of law like civil law. 
Longer term, I can envision GitLaw being used to support the creation of national laws, enabling citizens to contribute, provide feedback, and transparently track every change made to their legislation.” said Holzherr.

GitLaw is free to use and available at www.gitlaw.co

Pictures available at https://gitlaw.co/press

View original content:https://www.prnewswire.co.uk/news-releases/new-gitlaw-platform-makes-creating-legal-documents-free-and-fast-302315630.html

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