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ADGM Continues Rapid Growth, Issues 1,271 New Licences in H1 2024: Assets Under Management Increase by 226%

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ABU DHABI, UAE, Aug. 14, 2024 /PRNewswire/ — ADGM, the international financial centre (IFC) of the UAE’s capital, continues its growth trajectory, reporting exceptional performance in the first half of 2024. As the fastest-growing financial centre and the only jurisdiction with the direct application of the English Common Law in the region, ADGM’s consistent achievements and strategic initiatives are a catalyst to the growth of Abu Dhabi’s financial sector growth.

The momentum of ADGM bolsters the financial sector’s contribution to Abu Dhabi’s non-oil economy, which grew to 9.7% in Q1 2024. ADGM is increasingly becoming a global magnet for asset management firms, outstanding talent, and investments, and is a cornerstone in cementing Abu Dhabi’s position as the ‘Capital of Capital’.

Commenting on ADGM’s continued growth and strong performance, H.E. Ahmed Jasim Al Zaabi, Chairman of ADGM said, “As a catalyst for Abu Dhabi’s financial sector, ADGM’s remarkable growth in the first half of 2024 fosters Abu Dhabi’s position as a premiere hub and a destination of choice for global, regional and local corporations and financial institutions. ADGM’s strategies have been aligned with Abu Dhabi’s visionary leadership to position the UAE’s capital as a leading international financial centre. Through the establishment of a thriving ecosystem and our pursuit of innovation, excellence, and strategic development, we are proud to have propelled towards the exceptional success of realising the ADGM Growth Strategy 2023-2027 targets, underscoring the accelerated growth of Abu Dhabi’s financial industry.”

He added, “ADGM’s contribution to Abu Dhabi’s stature as a global financial powerhouse and its sustainable economic growth will continue to capitalise on opportunities that will further elevate Abu Dhabi’s Falcon Economy to unprecedented heights throughout this exceptionally successful year and beyond.”

Surge in Operational Entities and New Licences Reflect Strong Growth 

One of the significant increases in H1 2024 is the operational entities rising to 2088, which includes 231 financial services entities – representing a 31% increase compared to H1 2023. This growth is also complemented by the number of Financial Services Permissions (FSP) granted in the first six months, equivalent to 42 – a growth of over 90% compared to the June 2023 numbers which stood at 22 FSPs issued.

Moreover, the number of licences issued at the end of June 2024 showcased 1,271 new licences – 20.5% more licences than a year earlier.

Financial Services Sector Led by Asset Management Positions Abu Dhabi as the Region’s Financial Hub

In H1 of 2024, AUM within ADGM grew by 226% compared to the same period last year. By the end of June 2024, the number of fund and asset managers operating in ADGM reached 112, managing 141 funds.

Major names within the asset management sector that have been granted an FSP include AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services, and Morgan Stanley. Furthermore, several entities within this space have also received their In-Principle Approval (IPA) including Aspen Digital, Blantyre Capital, Blue Owl, Fiera Capital, Infini Capital, I Squared Capital, Ninety One Gulf Capital, Peninsula, Token Bay Capital, Triton, and Vizier. The pipeline of entities within the asset management sector remains strong across hedge funds, private equity, institutional funds and venture capital firms set to be anchored in ADGM.

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While asset management continues to lead the growth of ADGM, additional financial services entities across banking, payment services, wealth management and insurance sectors have also joined the ADGM ecosystem by receiving either an FSP or an IPA. The list of granted FSPs includes Barrenjoey, Deutsche Bank AG, Fidelis OPCO, Laser Digital, and Paxos Issuance MENA. Prominent names that received an IPA includes Oyster Reinsurance Brokers, and SMBC Bank International, among others.

In May 2024, ADGM hosted the second edition of the UAE-France Investors Meetup – an exclusive gathering, led by His Excellency Bruno Le Maire, the French Minister of Economy, Finance, and Industrial and Digital Sovereignty and attended by 24 French Asset Management firms with USD 1.6 Trillion AUM. The Meetup represented a unique opportunity for stakeholders in both countries to forge strategic alliances, identify new opportunities, and drive mutual growth.

Bringing Abu Dhabi to the World: International Roadshows Meet Unprecedented Demand 

ADGM conducted a series of roadshows in the first half of 2024, covering multiple countries and regions including the USA, Europe, Hong Kong and the Chinese subcontinent.

In the USA, ADGM engaged in over 40 bilateral discussions with hedge funds, private equity funds, and venture capital firms at the iConnections Global Alts 2024. In Europe, ADGM held over 100 bilateral discussions with senior leaders in the Private Banking, Wealth Management, Private Equity, VC and Hedge Fund sectors in France, Switzerland, and other European hubs. These engagements occurred amidst the surge of global wealth into the UAE.

The roadshow in China and Hong Kong concluded with strategic meetings involving 75 entities. Discussions focused on cross-border regulatory cooperation with the Hong Kong Monetary Authority, expansion plans for several Hong Kong and Chinese firms in Abu Dhabi, and the enhancement of liquidity strategies in both regions. It also featured the ADIO-organised Shanghai Investment Summit, where the announcement of a new trade forum – ‘The UAE-China Summit presented by HSBC’ – was announced, set to be a sub-event of the upcoming Abu Dhabi Finance Week (ADFW) in December.

Leading the Path for Sustainable Finance and ESG in the Region

Following the introduction of the region’s first comprehensive Sustainable Finance framework in 2023, the Registration Authority (RA) and the Financial Services Regulatory Authority (FSRA) of ADGM have proposed enhancements to these regulations. A discussion paper published in May 2024 invited input from industry experts including fund managers, asset managers and companies subject to the Companies Regulations 2020. These proposed enhancements provide greater clarity around the FSRA’s requirements for ESG-labelled investment products that pursue broader sustainability objectives than only environmental. It also fosters demand for “green” products and services by aiming to provide investors with confidence that the risk of greenwashing has been addressed. Additionally, the consultation paper invites discussions around ADGM’s role in encouraging ADGM-based entities to identify and address climate-related risks to their businesses and develop their net-zero transition plans that support the UAE’s Net Zero by 2050 Strategic Initiative.

At the Forefront of Blockchain Innovation

Following the introduction of the Distributed Ledger Technology (DLT) Foundations Regulations, ADGM has signed strategic partnerships with the Solana Foundation, a non-profit organisation dedicated to decentralisation, adoption, and security on the Solana network to enhance DLT solutions and advance blockchain innovation. Another MoU was signed between ADGM and Hacken, a global leader in blockchain security auditing to collaboratively set new benchmarks for blockchain security and compliance as well as on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework.

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ADGM’s Workforce Booms Amid Abu Dhabi’s Growing Appeal with more than 2,500 New Jobs

Sustained investments across various sectors in Abu Dhabi have led to a strong performance in the Global Liveability Index 2024 published by the Economist Intelligence Unit. Abu Dhabi is the highest-ranked city in the MENA region, these rankings highlight Abu Dhabi’s strengths in factors such as stability, infrastructure and education.

ADGM is enhancing its attractiveness as a preferred destination for professionals and investors. The workforce within ADGM’s Al Maryah Island has increased by more than 2,500 individuals, compared to the end of June 2023, and are now part of ADGM’s vibrant community.

ADGM’s Al Reem Island Expansion Fuels a Residential Surge 

Since the announcement of the expansion in April 2023, Al Reem Island has seen the introduction of 1,266 new residential units, bringing the total to 21,335. The growth in occupancy rates has remained steady, rising from 84.78% in March 2023 to 92.82% by the end of June 2024. With ADGM’s exceptional growth, many employees of the new companies established within its jurisdiction are choosing Al Reem Island as their place of residence. ADGM’s jurisdiction over both Al Maryah and Al Reem Island highlights its exceptional qualities, making it an ideal location to live, work, and conduct business.

ADGM Pioneers Seamless Business Migration in Al Reem Island

H1 of 2024 marks a significant phase in ADGM’s Al Reem Island transition post-expansion. A recent initiative includes revisions to ADGM’s licensing fee schedule, aligning with the transitional arrangements to Al Reem Island. Major reductions of 50 per cent and more to obtaining non-financial and retail licences within ADGM’s jurisdiction will take effect from 1st January 2025.

An information centre in Shams Boutik Mall was launched and two community events in 2024 organised to engage with the Al Reem Island business community, provide essential updates on licensing, registration fees, and transition processes. ADGM also introduced an incentive for existing non-financial and retail businesses on Al Reem Island, exempting them from paying any fees for obtaining an ADGM commercial licence providing they apply before 31st October 2024.

ADGM Academy’s Initiatives Paving Career Paths for 1020 Emiratis in H1 2024

The ADGM Academy has been contributing towards the UAE’s National Agenda by partnering with leading players from various sectors. Since its inception ADGMA has achieved 98% employment placement of 3629 Emirati Nationals within the Private Sector through its National Development Agenda.

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In H1 of 2024, ADGMA initiatives supported the training and placement of 1020 Emirati nationals in professional job profiles across various companies in the UAE.

 

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CCTV+: When French Elegance Meets Chinese Style | The Romantic Tale between the Porcelain Capitals of China and France

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BEIJING, Oct. 22, 2024 /PRNewswire/ — This summer, the global spotlight once again focused on the romantic city of Paris, where the 33rd Summer Olympic Games were successfully held and concluded. Before the opening ceremony of the Paris Olympics, the French National Olympic and Sports Committee collected four Chinese blue and white porcelain artworks, and said that the set of blue and white porcelain art not only demonstrates the exquisiteness of traditional Chinese craftsmanship, but also reflects the global resonance of the Olympic spirit.

Limoges, a city in the south of France, is one of the oldest cities and is known as the “Porcelain Capital” of France. Like Jingdezhen, China’s porcelain capital, Limoges showcases the charm of porcelain in many ways, making it a part of life and art, and it also committed to the inheritance of ceramic craftsmanship and culture.

On the streets of Limoges and on the campus of Jingdezhen Ceramic University, there stands a pillar made of blue and white porcelain. This set of artworks, created in 2018, is the joint work of teachers and students of École Nationale Supérieure d’Art Limoges and Jingdezhen Ceramic University.

When French elegance meets Chinese style, and when Chinese skills encounters French artists, a romantic melody of porcelain resonates between the “porcelain capitals” of China and France. Jingdezhen and Limoges, two ancient cities, have produced exquisite ceramic works in different time and background, continuously attempting to understand each other’s cultures and engaging in cultural exchanges. This mutual attraction and interest rooted in historical memory offers endlessly fascinating and witness the inclusiveness and mutual learning between China and France.

In 2010, Jingdezhen and Limoges became sister cities, with ceramic culture serving as the common language. A year later, École Nationale Supérieure d’Art Limoges and Jingdezhen Ceramic University exchanged art students, who became young ambassadors for cultural and artistic exchanges between the two cities and two countries.

Friendship, which derives from close contact between peoples, holds the key to sound state-to-state relations. This year marks the 60th anniversary of diplomatic relations between China and France. The two ancient porcelain capitals have forged a bond through ceramics, connecting China and France, communicating with each other, and will write a new chapter in Sino-French cultural and artistic exchanges.

Video – https://mma.prnewswire.com/media/2536695/video.mp4 

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Marintec Innovation Conference 2024 – Charging the Future: Focus on Alternative Energy Sources

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HONG KONG, Oct. 22, 2024 /PRNewswire/ — The maritime industry is on the point of undergoing a radical transformation, and the Marintec Innovation Conference is at the forefront of this evolution, charting a course towards a sustainable, zero-carbon future. While previous conferences have focused on the technological aspects of shipbuilding to meet decarbonisation targets, 2024 will be the year of “Alternative Energy and Fuels Contribute to Low Carbon Maritime”, promising to be a beacon of innovation and collaboration, lighting the way for the industry’s green transition.

Set against the vibrant backdrop of Shanghai, the conference will take place at the Shanghai Renaissance Zhongshan Park Hotel on 12 – 13 December 2024. This event is not just another conference; it’s a convergence of the brightest minds and leading organisations dedicated to pioneering alternative energy sources and low-carbon solutions.

Glimpse into the Future. Envision a world where ships sail the seas powered by renewable energy sources that leave no carbon footprint. This vision is now within reach, thanks to the pioneering discussions and innovations that will be showcased at Marintec Innovation 2024. The conference will feature pivotal sessions such as:

  • Review and Outlook: Dive into the latest advancements in renewable energy sources and their seamless integration into maritime operations.
  • Sailing Efficiency – Shipowner’s Perspective: Hear firsthand from leading shipowners about practical strategies to enhance operational efficiency.
  • Industry Chain Support: Discover the collaborative efforts across the maritime value chain that are driving these innovations forward.

Voices of Innovation. The lineup of speakers reads like a Who’s Who of the maritime world. The conference will feature insights from industry giants like ABB, ABS, the China Association of the National Shipbuilding Industry, CSSC Shanghai Marine Energy Saving Technology, CSSC Silent Electric System (Wuxi) Technology, DNV, Headway Technology, the International Chamber of Shipping (ICS), the International Windship Association (IWSA), Jotun, Kongsberg Digital, Trelleborg Marine Systems, Ulstein, Wikborg Rein Advokatfirma, and many more. Their collective expertise will provide attendees with a unique opportunity to learn from the leading figures in the field.

Collaborative Effort. We are honored to have the support of esteemed organisations such as the China Association of the National Shipbuilding Industry, the China State Shipbuilding Corporation, the Chinese Society of Naval Architects & Marine Engineers, the Norwegian Business Association, and Charity Partner, MercyShips. We would also like to express our gratitude to the Ministry of Foreign Affairs of Denmark, the Danish Export Association, the Norwegian Maritime Exporters, and the UK’s Department of Business and Trade for their valuable support. These collaborations demonstrate a shared commitment to a sustainable maritime future.

Innovation on Display. In addition to the compelling sessions and expert speakers, the event will feature sponsors like Bestway, Shanghai Moury Marine Equipment, Shanghai SIBO Automation, Shanghai Tonghe Marine Equipment, Zhenjiang Tongzhou Propeller, and many others showcasing their cutting-edge innovations. This is set to be one of the most momentous maritime gatherings of the year.

Networking Opportunities. Beyond the sessions, Marintec Innovation 2024 offers networking activities designed to foster collaboration and build lasting connections. Networking Refreshments and Luncheons will provide attendees with the opportunity to engage with industry leaders and peers, while the Closing Dinner will offer a relaxed setting for more in-depth discussion and networking.

Call to Action. The time to act is now. Industry stakeholders must unite and commit to investing in and adopting alternative energy technologies. By working together, we can navigate the challenges and lead the maritime industry into a sustainable, zero-carbon future. This conference is not just an event; it’s a movement towards a greener, cleaner world for future generations.

Join Us. Registration is now open, we encourage industry professionals, researchers, and enthusiasts to register early to secure their spot at this landmark event. For more information and to register, please visit www.marintecchina.com.

Marintec Innovation Conference Background:

Following its inaugural edition in 2017 during Marintec China, the Marintec Innovation Conference will be held in December of even-numbered years at the Shanghai Renaissance Zhongshan Park Hotel. Organised by Informa Markets and SSNAME, Marintec Innovation continues to provide a unique platform for fostering interactions on diverse findings and advancements in the maritime industry through collaboration and knowledge sharing.

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Marintec Innovation’s Themes
2017: Cruise Shipbuilding at Marintec China
2018: International Marine Intelligent Energy Efficiency Technology
2020: The Fourth Industrial Revolution at Sea
2022: Defining the Path to Decarbonisation
2024: Alternative Energy and Fuels Contribute To Low-carbon Maritime

Organisers of Marintec China:

Marintec China is organised and managed by Informa Markets and Shanghai Society of Naval Architects & Marine Engineers (SSNAME).

Informa Markets

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com

Shanghai Society of Naval Architects and Marine Engineers (SSNAME)

Shanghai Society of Naval Architecture and Marine Engineers (SSNAME), founded in early 1951, is the first scientific and technological society in the field of shipbuilding and marine engineering of the People’s Republic of China. SSNAME currently has 5,000 individual members and more than 60 group members. It has 5 working Committees, 11 Specialized Committees and 3 Representative offices. As an important non-governmental scientific and technological society with high reputation and influence in the international field of shipbuilding and marine engineering, SSNAME has been committed to promoting the progress of shipbuilding and marine engineering technology and international exchanges and cooperation. SSNAME has established closely cooperative relations with 14 well-known overseas maritime engineering societies, such as SNAME, RINA, STG, JSNAOE, SNAK and so on. It is the initiator and first chairman of the Pan-Asian Association of Maritime Engineering Societies (PAAMES) and is also a member of the International Standing Committee of the World Maritime Technology Conference (WMTC). The “Xin Yixin Ship and Marine Engineering Science and Technology Innovation Award” founded by SSNAME has become an important award for scientific and technological talents. SSNAME organizes many academic exchanges, popular science and scientific and technological publication every year. For more information, please visit www.ssname.com.cn.

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Xinhua Silk Road: Annual Conference of Financial Street Forum 2024 spotlights financial cooperation and development opportunities

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BEIJING, Oct. 22, 2024 /PRNewswire/ — Themed on “Trust and Confidence – Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth”, the Annual Conference of Financial Street Forum 2024 concluded on Sunday.

During the event, Chinese and foreign participants have conducted in-depth discussions on current economic and financial hot topics in an attempt to enhance mutual trust, deepen win-win cooperation and share development opportunities.

Many foreign institutions expressed their willingness to further promote investment in China at this year’s conference.

Both China and Germany are facing social challenges such as aging problem, said Markus Kobler, the CFO and member of the executive board of DWS Group, adding that the two sides can establish an open financial market, expand bilateral investment, strengthen financial and asset management cooperation, and jointly develop strategic emerging industries, such as green technology and transportation automation, to achieve win-win results. 

Noting how to deepen the financial sector’s role in serving the real economy, Weng Qiwen, director of China Centre for Promotion of SME Development, said that the new round of industrial revolution requires matching financial innovation and financial reform.

According to Weng, it is necessary to cultivate the “craftsman spirit” of the capital market and guild long-term capital into the financial market in an attempt to advance the development of new quality productive forces.

Regarding the current financial challenges related to new technologies, new applications and new risks, Li Yang, chairman of National Institution for Finance & Development, believes that the correct financial function is the basis for preventing financial risks.

According to Li, more efforts should be made to further balance the relationship between functionality and profitability, deal with the relationship between lifting financial repression and preventing excessive financialization, continue to reduce circulation costs and financing costs, and meet the diversified financing needs of the national economy. 

Original link: https://en.imsilkroad.com/p/342711.html

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