12 Muharram 1446 - 18 July 2024
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Eye of Riyadh
Business & Money | Thursday 21 March, 2024 10:56 am |

ADGM 2024 growth outlook: Over 70% of companies in ADGM Plan Workforce Expansion in 2024

A survey by the Abu Dhabi Global Market (ADGM), which stands as a testament to the vision and ambition that drive the UAE and the wider region's economic landscape, indicates a strong growth trajectory in several sectors, with Asset Management poised to take the lead, as 18.56 percent of respondents recognise its significant growth potential.


Following closely are the Fintech and the fields of Digital Assets, Blockchain, and Distributed Ledger Technology (DLT), with 17.08 percent and 16.83 percent of stakeholders banking on their rise, respectively, according to the comprehensive survey conducted among the ADGM community that offers a window into the promising outlook for ADGM in 2024.


These sectors are reinforced by the growing interest in Sustainable Finance and Private Banking and Wealth Management, which are also projected to experience substantial growth. Furthermore, Professional Services are forecast to continue their upward trend, rounding out the sectors set for expansion within the dynamic financial landscape of the IFC.


ADGM's Unique Position as a Premier IFC


The survey shed light on the unique attributes defining ADGM's appeal as a business hub. Notably, 21.35 percent of participants acknowledged the robust regulatory environment as a cornerstone of ADGM's competitive edge. The market's strategic location was also highlighted by 19.66 percent of the survey pool, underlining ADGM's role as a strategic gateway for tapping into the MEASA region and beyond.


The multitude of networking opportunities (17.04 percent), the exceptional quality of life (14.98 percent), and the diverse community (14.04 percent) were also recognised as key strengths that contribute to ADGM's position as an attractive business destination. In addition, the availability of a skilled workforce, acknowledged by 11.24 percent of respondents, emphasises the market’s capacity for attracting and fostering professional talent.


Anticipated Employment Surge in ADGM


A total of 70.81 percent of companies anticipate expanding their workforce in ADGM during 2024, with 29.93 percent expecting significant increases and 40.88 percent planning moderate growth in staffing. This collective optimism underscores Abu Dhabi’s robust economic health and the strong confidence within the business community in the IFC's conducive business environment.


Business Community Confidence in ADGM


The confidence in ADGM is further reinforced by the readiness of the business community to recommend the IFC to businesses. An impressive 97.08 percent of business leaders express a positive inclination towards endorsing ADGM. Among them, 71.53 percent are “Highly Likely” and an additional 25.55 percent consider themselves "Likely" to recommend it. This substantial majority reflects the strong confidence in ADGM's world-class regulatory framework, advanced infrastructure, and exceptional business opportunities within the global business community.


Moreover, this clearly reflects that ADGM's comprehensive approach to fostering a supportive, innovative, and thriving business environment is resonating with the global business community, positioning it as a leading IFC and a hub of economic activity for the future.


Abu Dhabi, a City Known for Safety, Stability and Quality of Life


A combined 78.84 percent of respondents endorse Abu Dhabi's overall liveability positively. This endorsement highlights the city's effectiveness in delivering an outstanding quality of life, supported by superior infrastructure, affordable living costs, and luxurious community facilities. Additionally, Abu Dhabi's achievement in being ranked as the world's safest city for the 8th consecutive year further underlines its excellence in ensuring the security and well-being of its residents, making it an even more attractive destination for both expatriates and nationals.


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