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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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67% of larger hospitality operators are unhappy with their current tech stack: insights unveiled in new research report from Vita Mojo
New research from Vita Mojo and KAM reveals the shortcomings of modern restaurant tech, with over half of operators reporting inefficiencies are stopping them achieving business goals.
LONDON, Sept. 22, 2023 /PRNewswire/ — Vita Mojo, the hospitality tech specialist, has launched a new research report into the impact of technology on the hospitality industry, shining a light on how operators feel about their current tech stack.
Commissioned by Vita Mojo and conducted by specialist hospitality market research agency KAM, the survey asked 81 executives from the leading quick-service restaurant (QSR) and coffee chain brands about their experiences with restaurant technology.
The resulting report – Hospitality Tech 2024: Bridging the efficiency and profitability gap – indicates that certain technologies are holding the industry back.
The survey results show that the hospitality sector is facing a number of challenges:
- A disconnect between efficiency and growth
56% of operators say that not having enough time is a significant barrier to achieving their business goals, but only 28% report fixing inefficiencies is a focus area for the business. - Frustrations with the complexity of technology
44% of operators don’t think they have the in-house skills to make the most out of their tech solutions, and 31% believe that too much training is needed to use digital solutions properly. - Missing out on data-driven decision-making
Two in three businesses are frustrated that they are not making the most of the data they collect through their tech solutions. Nearly 40% find it hard to use data because it’s split across siloed platforms. - Technical support is failing to deliver
Just one in four are very satisfied with the support or advice they receive from their providers.
“When tech works well, your restaurant works well,” says Vita Mojo’s co-founder and CEO, Nick Popovici. “But when it goes wrong – which is often – running a restaurant becomes an uphill struggle. By combining multiple point solutions from a range of different suppliers, the modern Point of Sale (POS) restaurant tech stack used by so many restaurants and chains has become a serious barrier to growth and success.”
“The results of this survey prove that the POS-centric model isn’t working for restaurants. From wasting time updating menus across multiple systems to spending countless hours updating pricing and site information, there are just too many ways in which restaurant tech isn’t making the grade.”
Along with insights from the survey results, Vita Mojo’s report includes real-life examples of exactly how restaurant brands are managing to overcome these tech challenges and fix inefficiencies, which has allowed them to operate and grow with new confidence.
About Vita Mojo
Vita Mojo transforms chaos into confidence for hospitality operators worldwide. Founded in 2016, Vita Mojo started life as the UK’s first cashless, digital-only restaurant, but it soon became clear the entire hospitality industry could benefit from its end-to-end, flexible Order Management System.
Today, Vita Mojo empowers over 130 brands across five countries (including LEON, YO!, tossed and GAIL’s Bakery) to streamline order management, improve guest relationships, seamlessly expand across channels, and grow their business.
For more information visit www.vitamojo.com
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Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors developed by Government of Ghana and SEforALL
NEW YORK, Sept. 22, 2023 /PRNewswire/ — His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.
The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.
Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.
The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.
Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.
Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.
By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.
The Energy Transition and Investment Plan was developed by the Government of Ghana with technical support from Sustainable Energy for All (SEforALL).
Supporting quotes
“This pioneering Energy Transition and Investment Plan maps out Ghana’s journey to achieve net-zero emissions by 2060 based on the latest data and evidence, ensuring that as our economy thrives, it does so in harmony with the environment. This plan is a testament to our dedication to fostering green industries, nurturing the evolution of cutting-edge low-carbon technologies, and propelling our nation towards a sustainable industrial revolution while giving equal growth opportunities to men and women.”
-His Excellency Nana Akufo-Addo, President of the Republic of Ghana
“Ghana’s commitment to a just and equitable energy transition has translated to an ambitious plan that builds a case for low-carbon and energy-efficient solutions across Ghana’s entire energy system. These solutions present a tremendous opportunity for partners and investors from around the world to contribute to climate action and sustainable development in Ghana.”
–Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
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ABU DHABI, UAE, Sept. 22, 2023 /PRNewswire/ — Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries.
The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.
Over 7,000 investment stakeholders from 160 countries will be participating in the 8th edition of WIF at the Abu Dhabi National Exhibition Centre (ADNEC).
The UAE hosting WIF this year coincides with the country’s declaration of the year 2023 as the “Year of Sustainability,” which will encourage nationwide commitment to sustainable practices and innovative solutions to help address environmental issues on a global scale.
His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the country’s dedication to sustainability, saying that “the UAE is committed to playing a leading role in the global transition to a more sustainable future. We believe that WIF 2023 will provide a unique platform for international leaders to come together to mobilize the necessary investments to make this transition a reality.”
His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) said: “Hosting WIF 2023 reflects Abu Dhabi’s approach and commitment to sustainable socio-economic development, which is based on strong beliefs and a long history of the wise use of resources. We will be working closely with all partners to ensure that the Forum’s conversations generate innovative ideas and solutions to create a more sustainable future for all.”
Some of the sustainability sessions include “Delivering Public Sector Investment for Sustainable Development” in partnership with ACCA; “Alignment of Investment in Sustainable Infrastructure with the Paris Agreement” with Middlesex University Dubai; and “Accelerating Green Investments in Tourism for Sustainable Development” with the United Nations World Tourism Organization (UNWTO).
Media accreditation
Journalists wishing to cover the forum should apply online.
Media accreditation requirements are here.
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