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Abu Dhabi: The Capital of Capital Ends 2023 with ADGM as the Region’s Fastest-Growing IFC
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.”
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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View original content:https://www.prnewswire.co.uk/news-releases/abu-dhabi-the-capital-of-capital-ends-2023-with-adgm-as-the-regions-fastest-growing-ifc-302081830.html
Fintech PR
Universal Consulting Opportunities (UCO) Enters European Market as Exclusive Strategic Advisor to MLS Leader in Romania
UCO Leverages Its Expertise to Further MLS Leader’s Mission to Grow the MLS Concept and Enhance the Real Estate Industry for Professionals and Consumers
ALTAMONTE SPRINGS, Fla., Oct. 4, 2024 /PRNewswire/ — UCO, a subsidiary of Stellar MLS, a leading multiple listing service (MLS) in the U.S. and the fastest-growing in the world, has announced an agreement with MLS Leader to be its exclusive MLS strategic advisor in Romania. By sharing its expertise and experience, UCO will advance MLS Leader’s vision of being the leading MLS in the Romanian real estate marketplace.
MLS Leader has worked closely with the communities of real estate brokers and agents for more than a decade, continuously taking on the role of education and regulation, to build a transparent real estate market in the interest of real estate professionals, clients, and the general public. Being the source of information about properties and real estate transactions in Romania, MLS Leader’s mission is to provide real estate professionals a way to excel in their profession and offer valuable services at every step of their activities.
Through UCO, Stellar MLS brings its strategic experience in the MLS global realm to augment MLS Leader’s operational and technological expertise and will advise MLS Leader to enhance its innovative platform and services while building its membership of professionals within the real estate community of the European Union’s sixth most populous country.
“We’re proud to collaborate with MLS Leader on this important vision to promote a more transparent and efficient real estate market in Romania and beyond,” said Merri Jo Cowen, CEO of Stellar MLS and UCO. “Our team is focused on the MLS and supporting real estate professionals in Europe and across the globe.”
“As the pioneering MLS service in Europe, founded in 2007, MLS Leader (powered by Flexmls) has built a system that empowers real estate companies to successfully implement the MLS and exclusive representation model in a market beyond North America,” said Sorin Udrea, Founder and General Manager of MLS Leader.
“We are widely regarded as the most trusted source of market data in Romania, supporting agents with essential tools like CMA, market statistics, and client portals for buyer representation. With UCO as our strategic advisor, we are excited to accelerate our efforts toward establishing MLS Leader as the premier marketplace for real estate professionals specializing in exclusive representation in Romania.”
Cowen emphasized the expertise and dedication of UCO’s team of globally recognized business leaders, which includes Marion Weiler, UCO Vice President of Global Markets and Stellar MLS Vice President of Marketing and Communications, and Dr. Mathew Kallumadil, UCO Vice President of Global Markets and Stellar MLS Vice President of Technology and Innovation, in reaching this important milestone.
UCO has been actively engaged in global forums in France and Germany to support a forward-thinking approach to transforming the real estate industry. In October, UCO is a title partner of the International MLS Forum in Milan, where representatives of 45+ global markets will meet to understand and develop the MLS concept to bring about trust and transparency. UCO’s presence is supported through its partnerships with CEPI, the European Association of Real Estate Professions, and FIABCI, the International Real Estate Federation.
About UCO
With a mission to support real estate professionals across the globe, UCO offers expertise including but not limited to market entry, MLS development, and cross-border transactions. This expertise stems from a management team with over 100 years of combined experience in the real estate industry, including globally recognized business leaders who have worked with world-class organizations, and international professionals with 40 years of collective global experience, many of whom are fluent in multiple languages. By collaborating with global organizations like CEPI and FIABCI, UCO delivers tailored solutions to help real estate markets thrive globally, with an emphasis on trust, transparency, innovation, and sustainable growth. Whether you are enhancing existing operations or building new ones from the ground up, UCO is committed to helping real estate markets thrive – UCO specializes in meeting clients’ unique needs, wherever they may be in their MLS journey.
About MLS Leader (Powered by Flexmls)
Founded in 2007, MLS Leader is the first genuine multiple listing service in Europe, offering real estate professionals in Romania advanced tools to enhance market transparency and efficiency. MLS Leader’s mission is to empower real estate agents and appraisers with the resources to excel in their work and provide valuable services at every stage. By promoting the exclusive representation model, MLS Leader offers a robust platform that includes tools and information needed for successful real estate agency management, along with access to reliable market data, competitive analysis (CMA), and advanced client communication systems.
UCO Media Contact: Caryn McBride
Co-Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/universal-consulting-opportunities-uco-enters-european-market-as-exclusive-strategic-advisor-to-mls-leader-in-romania-302267989.html
In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
- The event marked the signing of several significant agreements aimed at driving the development of the new destination
ABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.
In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to [email protected]. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon Holding
Modon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project Company
A wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
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View original content:https://www.prnewswire.co.uk/news-releases/adq-appoints-modon-as-master-developer-for-ras-el-hekma-megaproject-in-egypt-302267927.html
BEIJING, Oct. 4, 2024 /PRNewswire/ — October 1, 2024, marked the 75th anniversary of the founding of the People’s Republic of China (PRC). The People’s Daily released a documentary that tells how, over the past 75 years, the country has embarked on an arduous journey of national development and modernization, transforming itself from a struggling agrarian nation into the world’s second-largest economy. China has made strides in not only enhancing the well-being of its people but also delivering benefits to the rest of the world through its own development. This video demonstrates how China’s development promotes the cause of human peace and development, and how it contributes to the building of a community with a shared future for mankind.
Video – https://mma.prnewswire.com/media/2523470/Peoples_Daily.mp4
View original content:https://www.prnewswire.co.uk/news-releases/prc-at-75–peoples-daily-releases-a-documentary-the-train-to-the-future-302267752.html
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