The Aporia
Abu Dhabi’s financial hub, ADGM, announced that entities licensed there now hold more than $100 billion in AI-focused investments, aiming to attract more fund managers with proximity to the UAE capital's abundant resources and appetite for cutting-edge technology. The largest contributor is MGX, which closed its first fund at $49 billion in July. ADGM has seen significant growth, with a 34% increase in headcount to around 50,000 white-collar workers and a 54% rise in assets under management year-on-year. Notable firms expanding their presence this year include Bain Capital, Blue Owl Capital, and Man Group. To accommodate the growing demand for office space, ADGM is undergoing an extensive expansion project costing 60 billion dirhams ($16.3 billion), similar to New York City’s Hudson Yards development, led by Aldar and Mubadala.