Abu Dhabi Financial Week (ADFW), one of the world’s premier financial gatherings, has been nothing short of transformative. Its third edition, held from December 9 to 12 last year, had the theme ‘Welcome to the Capital of Capital’.
Staying true to this theme, the event saw 44 Memorandums of Understanding (MoUs) signed, including 16 agreements involving the Abu Dhabi Global Market (ADGM) and ADGM Academy. ADGM, Abu Dhabi’s international financial center, is ADFW’s host. The 2024 installment was attended by over 20,000 leaders, experts, executives, and policymakers.
In this interview, Mohammed Almheiri, chief communications officer at ADGM, talks about ADFW 2024’s highlights and sheds light on the industry trends that will shape 2025 and the coming years.
ADFW 2024, the third edition of the event, was a huge success. What do you think were the most significant milestones from the event in terms of cementing Abu Dhabi’s financial leadership on the global stage?
The 2024 edition of ADFW was transformative, and truly captured our vision of Abu Dhabi as the ‘Capital of Capital.’ This year’s event reached another level and highlighted the growing influence of Abu Dhabi as a global financial hub.
Among the most significant achievements was the unprecedented participation of over 20,000 delegates, including global financial leaders, firms, thought leaders, policymakers, and innovators from over 100 countries, who collectively manage more than $42.5 trillion in assets. These delegates took part in over 60 events and sub-events.
During last year’s edition, eight global institutions, representing almost $635 billion, announced plans to set up in ADGM, cementing our status as the region’s fastest-growing financial center. This growth has been further bolstered by the establishment of billionaire-led family offices, such as British businessman Asif Aziz, prominent philanthropist and financial strategist Wafic Said, and Singaporean entrepreneur and real estate leader Kishin RK, highlighting ADGM’s growing appeal as a global wealth management hub.
High-level panel discussions on topics, such as the asset management sector, capital markets, sustainable finance, digital assets and inclusive growths, reinforced Abu Dhabi’s position as a hub for innovation and collaboration. Meanwhile, several strategic initiatives were announced during ADFW, emphasizing Abu Dhabi and ADGM’s commitment to being at the forefront of financial leadership.
Could you share some key partnerships, investment deals, or major announcements made during ADFW 2024? How will this impact Abu Dhabi’s financial ecosystem and that of the broader region?
There were a total of nineteen major announcements during ADFW. Leading private equity firms such as General Atlantic ($100 billion AUM), Lone Star Funds ($95 billion AUM), and Investindustrial ($14 billion) unveiled plans to join ADGM, as well as private credit giants, such as Golub Capital ($70 billion AUM) and Polen Capital ($63 billion AUM). Insurance manager – Eldridge ($74 billion), leading global equity management company – Carta ($150 billion AUA) and hedge fund Marshall Wace ($69 billion AUM) also announced that they are expanding into ADGM.
A total of 44 Memorandums of Understanding (MoUs) were signed during ADFW, including 16 agreements involving ADGM/ADGM Academy and major local, regional, and global players in the financial sector. These include Istanbul Financial Center, Beijing Financial Street Bureau, Polygon, Palo Alto Networks and Ma’an. ADGM Academy signed seven MoUs with leading entities such as the Abu Dhabi Youth Business Council (ADYBC), Massachusetts Institute of Technology (MIT), Ray Dalio, Sandooq Al Watan, Standard Chartered, Visa and the Wealth Management Institute (WMI).
Read more | ADFW 2024: World Bank commends UAE efforts in tackling global climate challenges
What were the standout sessions introduced in ADFW 2024 that set it apart from previous editions?
This year’s edition featured some truly groundbreaking sessions. Below is an event-wise breakdown of the key sessions conducted during the four days of ADFW.
Abu Dhabi Economic Forum
Abu Dhabi Economic Forum’s top-class agenda tracked Abu Dhabi’s economic growth and its emerging role as a global business and investment hub. One of the most popular sessions, ‘The ADFW Boardroom: Abu Dhabi In the Global Economy’, involved leaders from some of the world’s largest financial institutions, such as Sergio Ermotti – group CEO of UBS, Ray Dalio – founder and CIO of Bridgewater, Hana Al Rostamani – group CEO of First Abu Dhabi Bank, and Jihad Azour – director of the Middle East and Central Asia Department at International Monetary Fund (IMF). They discussed global economies and highlighted strategies to support Abu Dhabi’s growth ambitions in the evolving global landscape.
Asset Abu Dhabi
At Asset Abu Dhabi, Ray Dalio – founder and CIO mentor at Bridgewater Associates – delivered an insightful session on the ‘Principles of a Changing World Order’ that set the tone for the discussions during the day. His thought-provoking keynote address delved into some of the most turbulent economic and political periods to reveal why the future is likely to be different to those in recent history.
With AUM levels in the asset management industry rising to almost $120 trillion in 2023 and multi-trillion-dollar managers holding around 61 percent of the total industry assets, the session on ‘The Market View of Trillion Dollar Asset Managers’ provided insights on the market view from the top with asset management experts Aleksandar Ivanovic – president of UBS Asset Management, David Hunt – president and CEO of PGIM and Bill Huffman – CEO at Nuveen.
RESOLVE 2024
Esteemed keynote speaker, H.E. Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice – UAE, headlined the event, noting that RESOLVE reflects the UAE’s commitment to a vibrant and sustainable economy, inspired by visionary leadership to ensure justice, equity, and opportunity through robust legal frameworks. His Excellency also noted that RESOLVE highlights Abu Dhabi’s position as a global leader in innovation, resilience, and progress in financial and legal systems.
The panel on ‘Class Actions for Societal Harm – The Silicon Valley Backlash’ was one of the event’s most popular sessions. With class action frameworks expanding globally, “Big Tech,” including social media platforms and other cutting-edge companies, faces mounting legal pressure from class action litigants for alleged societal harm. Leading experts explored the dispute landscape in this sector and the tension between profit-driven innovation and consumer protection. Another insightful panel on ‘Navigating the AI Legal Frontier’, led by Amir Ghavi, partner at Fried, Frank, Harris, Shriver & Jacobson LLP delved into the evolution of AI and the regulatory guardrails being developed in the UAE and globally to enable AI to catalyze economic growth.
Fintech Abu Dhabi
A keynote address by Paul Kayrouz, chief fintech officer at the Central Bank of the UAE, shed light on ‘Seeding Success: The UAE as a Global Fintech Hub’, while the fireside chat on ‘Investing in AI: What Does the Next World Look Like?’ with H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO at KBW Ventures, explored the promise of AI as a transformative asset class, as well as its impact on industries such as finance and health. In a well-attended session, Lord David Cameron, former prime minister of the UK talked about the significant decisions and policies that worked for the UK a decade ago.
On stage at Blockchain AD, Richard Teng, CEO of Binance and Jeremy Allaire, CEO of Circle Internet Financial, the issuer of USDC, announced a strategic partnership that will accelerate global USDC and crypto adoption.
Abu Dhabi Sustainable Finance Forum (ADSFF)
Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators, delivered a keynote address, emphasizing the UAE’s leadership role in climate action and the need for collaborative approaches to effectively address environmental challenges through blended finance.
H.E. Majid Al Suwaidi, CEO of Alterra, led an insightful fireside chat with the CEO of GCFC, Mercedes Vela Monserrate on the launch of the world’s largest climate fund, its progress to date and how it is mobilizing capital alongside its partners in the session, ‘Catalyzing the Future: Abu Dhabi’s Bold Vision to Become A Global Climate Finance Hub’.
The ADSFF agenda also explored a range of pressing topics in sustainable finance and environmental governance. A notable session was a keynote speech from Carme Artigas Brugal, co-chair of the AI Advisory Body at the United Nations, where she highlighted the UN’s advancements in setting international rules for AI. Artigas, who leads the initiative for establishing a global rulebook on AI cooperation, highlighted AI’s potential to address global challenges, emphasizing the importance of integrating ethical considerations alongside the pursuit of Sustainable Development Goals.
Senior representatives of the global banking group, HSBC, highlighted the current global climate economy and shared HSBC’s strategies to mobilize finance and promote innovation that aligns with science-based targets to limit global temperature rises to 1.5°C. They outlined HSBC’s approach to reducing carbon-intensive industries while investing in emerging technologies and green business models designed for a sustainable future.
What were the biggest industry trends or shifts discussed during ADFW 2024, and what influence do you believe they will have on shaping financial markets in the coming years?
Several key trends emerged during ADFW 2024, which are set to shape financial markets in the coming years. Some of the highlights include:
- Technological Innovation in Finance: Fintech Abu Dhabi emphasized advancements in payments, digital assets, digital security, and credit. Discussions focused on the integration of artificial intelligence (AI) and blockchain technologies, underscoring Abu Dhabi’s commitment to becoming a global hub for financial innovation.
- Sustainable Finance Initiatives: The Abu Dhabi Sustainable Finance Forum (ADSFF) underscored the importance of sustainable financial development. Strategic discussions centered on achieving net-zero ambitions and contributing to global sustainability efforts, positioning Abu Dhabi and ADGM as leaders in sustainable finance.
- Growth in Asset Management: ADFW 2024 witnessed significant commitments from global financial institutions, with assets under management totaling approximately $635 billion. This growth reflects ADGM’s status as a rapidly expanding financial center and its appeal to leading asset managers worldwide.
These trends indicate a transformative period for financial markets, characterized by increased technological integration, a focus on sustainability, and substantial growth in asset management activities. Abu Dhabi’s initiative – taking initiatives in these areas are set to influence global financial markets significantly in the coming years.
How will the outcomes of ADFW 2024 influence ADGM’s strategic direction for this year? Could you give us a glimpse of what to expect at ADFW 2025?
The success of ADFW 2024 has provided us with invaluable insights and momentum as we look ahead to 2025. One of our key takeaways is the importance of deepening cross-sector dialogue, and this will shape our agenda moving forward. For 2025, attendees can expect an even greater emphasis on technology, sustainability, and inclusivity. We plan to expand our global footprint by attracting even more stakeholders from emerging markets.
As ADFW continues to grow, the success of the 2024 edition further emphasizes Abu Dhabi’s position as a destination of choice, reinforcing its role as a global financial powerhouse and a falcon economy in the world’s economic transitions. Building on this momentum, ADFW 2025 is set to take place from December 8 to 11, 2025, and promises to deliver even greater opportunities for collaboration and innovation in the financial sector.
While it’s early to share specifics, ADFW 2025 will undoubtedly build on last year’s achievements to deliver a landmark event.
