Abu Dhabi Finance Week (ADFW), one of the MENA region’s most anticipated events, held its third edition from December 9 to 12, 2024, on Al Maryah Island, where the ADGM is headquartered. ADGM is the international financial center of Abu Dhabi.
Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and chairman of the Executive Council, ADFW 2024 hosted over 60 main and breakout events, convening industry movers and shakers and thousands of delegates from both the public and private sectors.
An all-encompassing capital
At the grand ceremony held in the ADQ Arena, His Excellency Ahmed Jasim Al Zaabi, member of Abu Dhabi’s Executive Council and chairman of ADGM and the Abu Dhabi Department of Economic Development (ADDED), commented on the event’s powerful theme, ‘Welcome to the Capital of Capital’.
During his speech, Al Zaabi asked what truly forms the backbone of a great and lasting economy. He stated: “Naturally, we think of monetary wealth, a cornerstone of any thriving economy, but we must remember that the greatest economies are built on far more than that.”
“Great societies have thrived not just on wealth, but on diverse and enduring forms of capital,” he elaborated. He called cultural capital the soul of a society and technological capital the fuel for innovation.
He added, “Yet all of these revolve around one essential element: Human Capital. Every innovation, every invention, every piece of history was created by people. Even as artificial intelligence rises, it’s still the human drive – our vision, resilience, and creativity – that transforms economies and societies.”
Economic progress and prospects
Over four days, ADFW saw the return of familiar events alongside new ones.
Among the most anticipated activities was the second installment of the Abu Dhabi Economic Forum (ADEF). Held in partnership with ADQ and ADDED, the exclusive event delved into the Falcon Economy – its current state and prospects. The impressive roster of speakers included the CEOs and C-Suites of BlackRock, UBS, Bridgewater Associates, HSBC, PGIM, Morgan Stanley, Citigroup, BNY, Lunate, 2PointZero, First Abu Dhabi Bank (FAB), Pure Health, GQG Partners, Aldar, ADQ, and Mubadala.
In one of the sessions titled ‘The ADFW Boardroom: Abu Dhabi in the Global Economy’, global business leaders tackled Abu Dhabi’s economic progress and how it has emerged as an essential business and investment hub in the region and beyond. Participants also discussed economies across the world and what can be done to advance Abu Dhabi’s growth at a time when the global landscape is fast evolving. This session was attended by financial elites, including Sergio Ermotti, Group CEO of UBS; Ray Dalio, founder and CIO of Bridgewater; Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (FAB); and Jihad Azour, director of the Middle East and Central Asia Department at International Monetary Fund (IMF).
Other notable sessions included ‘Building the Falcon Economy’, ‘SheLeadsBusiness: Abu Dhabi’s Mission for Women in Business’, ‘A New Era of Capital Flows in a Polycentric World’, ‘The Titan’s View: Abu Dhabi’s New Place in the World’, ‘The Factors Influencing Global Markets’, and ‘Slowbalization: A New Kind of World Order’. Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala, shared his perspectives on one of the world’s largest sovereign wealth funds.
His keynote speech highlighted Mubadala’s recent growth and evolution, the UAE capital’s emergence as a global financial hub and the UAE’s strategic location to bridge East and West, and the vital role of collaboration and partnership in addressing global challenges to create a more sustainable future for generations.
Another highlight of ADFW 2024 was the first edition of the Abu Dhabi Capital Markets Forum, held in partnership with the Abu Dhabi Securities Exchange (ADX). From PureHealth Group, TAQA Group, and ADNOC Drilling to Abu Dhabi Islamic Bank (ADIB) and Borouge, the event showcased publicly traded companies in the UAE capital.
The UBS Investor Forum was another platform attended by over 30 founders and CIOs from prominent hedge funds.
Asset management forum
Asset Abu Dhabi, a flagship event during ADFW, returned for another successful installment, convening asset allocators and asset managers, investment bankers, venture capitalists, private equities, family offices, and other institutional investors. Collectively, these participants manage over $42.5 trillion in assets.
Bridgewater’s Dalio was one of the notable speakers, delivering a keynote address in a session titled ‘Principles of a Changing World Order’. He looked back on various turbulent economic and political periods and explained that the world is likely to rewrite its future, deviating from what has happened in recent history.
The session ‘The Market View of Trillion Dollar Asset Managers’ served as another important venue for gaining insights into the world’s asset management industry. In 2023, assets under management (AUM) rose to nearly $120 trillion. Meanwhile, multitrillion-dollar managers held about 61 percent of the total industry assets. In this session, among the speakers were Aleksandar Ivanovic, president of UBS Asset Management; David Hunt, president and CEO of PGI; and Bill Huffman, CEO at Nuveen.
Key industry figures, including Robert Smith, founder, chairman, and CEO at Vista Equity Partners, and Aron Landy, CEO at Brevan Howard, also participated in notable discussions, with topics ranging from the Falcon Economy to real estate and sovereign funds.
Lauding the importance of Asset Abu Dhabi, Al Zaabi said: “Convening some of the biggest names within the asset management sector, Asset Abu Dhabi is an unparalleled platform to share insights on and shape the future of this dynamic sector.”
“Through this platform, we are highlighting the next frontier of technology and investment opportunities and providing critical perspectives on regional and global economic prospects that will transform the next decade of investments in an evolving world order. Asset Abu Dhabi underscores ADGM’s unwavering commitment to driving the growth of the Falcon Economy,” he added.
Landmark partnerships
Fourteen Memorandums of Understanding (MoU) and strategic agreements were signed during the second day of ADFW 2024, underscoring the importance of the event as a platform for fostering collaboration.
Notable deals by ADGM included partnerships with Istanbul Financial Center, Beijing Financial Street Services Bureau, and Polygon. Circle and Lulu Financial Holdings also signed a key agreement, while the Abu Dhabi Investment Office (ADIO) inked agreements with PGIM, EXIM Bank, and MasterCard.
ADFW 2024 also put the spotlight on 40 years of UAE-China bilateral relations with a new event called the UAE-China Investment Summit. This inaugural installment, held in collaboration with HSBC, explored various opportunities for mutual trade and economic growth. Several special guests took part in the gathering, including Carl Ge, partner at Hillhouse Investment; Dr. Nasser Saidi, president at Nasser Saidi & Associates; Sean Ho, CIO at Triata; Chi-Man Kwan, founder and CEO at Raffles Family Office; and Casey Ge, group VP and chief strategy officer at Wind Information.
In the session titled ‘Why Are Chinese Markets an Exciting Investment Opportunity for the Region?’, experts discussed China’s e-commerce and cutting-edge tech, among other opportunities that the UAE and the rest of the region can leverage. The session also zeroed in on the game-changing Belt and Road Initiative, discussing how investors can benefit from such initiatives.
As a leading financial event in the region, ADFW hosted several high-impact gatherings, such as Fintech Abu Dhabi, the Abu Dhabi Sustainable Finance Forum (ADSFF), RESOLVE, the International Family Office Congress, and the T.R.I. (Turnaround Restructuring & Insolvency) Summit, the Spears Summit – Private Wealth Forum, and the Future of Talent Summit.
The International Family Office Congress focused on strengthening Abu Dhabi’s family office sector. Key sessions tackled themes, such as macroeconomic trends, technology, risk management, and investment strategies. Meanwhile, a panel titled ‘An Education in Partnerships and Progress’ highlighted how family businesses can boost value by collaborating with global asset managers and exploring merger and acquisition opportunities.
Read: How the creative economy drives growth in the Middle East
Abu Dhabi as ‘the modern Renaissance state’
The highlight of the third edition of ADFW was Abu Dhabi’s status as a global leader in business and investment.
Commenting on the UAE capital’s appeal, Al Zaabi noted: “Abu Dhabi is a place where you can think big and build even bigger – a place where legacies are forged.”
“Abu Dhabi is the modern Renaissance state… Remember: ‘Capital of Capital’ isn’t just a title – it’s a thriving vision in motion and we invite you to be part of this legacy, to build, innovate, and lead the path forward together,” he added, reinforcing the ADFW’s 2024 theme.
