ADFW24 main stage
In its third edition, Abu Dhabi Finance Week (ADFW) 2024, over 20,000 conference participants, twice as many as in 2023, met at the Abu Dhabi Global Markets (ADGM) campus at ADGM Square from December 9th to 11th Al Maryah Island in Abu Dhabi.
ADFW brings together many of the world’s innovative capitalists from the fields of banking, asset management and fintech on a par with the LA conference in Davos or Milken. The numerous events that took place throughout the week covered topics such as economics, capital markets, blockchain, investments, fintech, family offices, sustainable investing and Islamic finance, to name a few.
Speakers included the CEOs of Blackrock, Morgan Stanley, HSBC, Citigroup, BNY, Lunate, First Abu Dhabi Bank (FAB) and Aldar. Monday of the conference, the first day, is a veritable who’s who to mingle with at the intimate ADGM campus while recovering from the Abu Dhabi Grand Prix F1 festivities the night before.
In addition to the cadre of CEOs, legends like Ray Dalio are circulating alongside rising statesmen like Eric Trump, catching the attention of many with selfies. Trump’s clear and eloquent narrative about Bitcoin’s utility as a strategic reserve to pay down national debt in both open and closed sessions also impressed many.
At ADFW24, eight global institutions with a combined value of $635 billion announced they would locate in Abu Dhabi. This builds on the $450 billion in commitments made during ADFW23 last year and confirms ADGM’s status as the region’s fastest-growing global financial center.
His Excellency Ahmed Jasim Al Zaabi, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Department of Economic Development (ADDED) and the ADGM, commented: “These milestones reflect the core of what makes Abu Dhabi so special – a shared vision of progress and partnership.”, and possibility. The growing number of global financial leaders and innovators choosing ADGM is a testament to the trust they have in our infrastructure, strict regulations, commitment to excellence and Abu Dhabi’s reputation as the world’s safest and most dynamic wealth and asset management jurisdiction set.
“As we welcome these new partnerships, we remain committed to driving the growth and diversification of the ‘Falcon Economy’ and creating opportunities that resonate across industries and borders. It is an exciting moment for ADGM, Abu Dhabi and everyone involved in this remarkable journey.”
Chris Hughes, ADFW’s Editor-in-Chief, and his team must salute once again this year to another outstanding ADFW that goes from strength to strength. Hughes opened the afternoon session on the first day of the conference with a video interview with Blackrock Chairman and CEO Larry Fink, which was recorded for the event.
Commenting on ADGM’s growth this year, Fink said: “It has been a long journey watching Abu Dhabi mature as an economy. The constant innovation I see in business and leadership. And Abu Dhabi has really positioned itself to take a leadership role over the next 20 years. Its psychology was different, and now it’s blossoming into this magnet of possibilities. With this strength, it now becomes a foundation for innovation.”
Hughes then held a live fireside chat with Jaap Kalkman, group chief investment officer of ADQ, one of the three Emirati sovereign wealth funds that include Mubadala and Adia and which together manage $1.7 trillion in assets – Abu Dhabi is considered as the best city in the world for sovereign wealth fund capital.
ADQ, in collaboration with ADFW and ADGM and with NYU Abu Dhabi’s Stern as an academic advisor, has published a new report entitled “A New Era of Capital Flows in a Polycentric World.” The report explores the idea that the world is on the verge of a new era of capital flows. Listening to policymakers and asset managers at ADFW, it is clear that Abu Dhabi is positioning the hub as a conduit to the world’s major financial centers.
Hughes, one of the most connected people in global financial services, said: “2024 has been quite a year. Starting with global roadshows in far-flung places like the US, China, France, Switzerland, the UK and more, to an unprecedented influx.” With many investors settling in the capital, we ended the year with the groundbreaking inaugural edition of the Abu Dhabi Business Week for 12,500 people and the largest ever edition of Abu Dhabi Finance Week.”
Crypto and digital assets are increasing in the region
There have been a number of announcements that caught the attention of the global blockchain community. With the Bitcoin Mena conference taking place at the same time and CZ visiting, the proliferation of cryptocurrencies and digital assets is leaving its mark on ADFW.
Many market experts have concluded that stablecoins are the killer app for digital assets that enable fiat entry and exit into Web 3.0. Paxos announced that it has partnered with Standard Chartered to strengthen support for the Global Dollar (USDG) and Lift Dollar (USDL) in Singapore and the United Arab Emirates.
Adam Ackerman, Head of Treasury and Portfolio Management at Paxos, said: “As the stablecoin industry continues to attract the world’s leading companies, it is more important than ever to ensure they have access to sophisticated, institutional-grade products.” Standard Chartered’s commitment to risk management, Compliance and operational efficiency in its world-class banking solutions is critical to Paxos as a regulated company.
