Latest news with #AlMaryahIsland
Arabian Business
21-07-2025
- Business
- Arabian Business
Mubadala begins construction of Abu Dhabi Al Maryah Waterfront enhancement project
Mubadala Investment Company PJSC has begun construction of the Al Maryah Waterfront enhancement project on Al Maryah Island. The move marks the start of a development that will transform the area's lifestyle offerings. Waleed Al Mokarrab Al Muhairi, Mubadala's Deputy Group CEO, who was joined by Dr. Bakheet Al Katheeri, CEO of UAE Investments, jointly broke ground to mark the project's start. 1,000 AI-powered water jets to transform Al Maryah Island in new Mubadala development The development centres around a 30-metre-tall luminous sphere surrounded by flowing water, positioned within the bay. The sphere will be accompanied by over 1,000 AI-powered water jets that will reach heights exceeding 75 metres, choreographed to music composed by Ramin Djawadi. WET, the water design firm, has designed these features. The project includes a sea boardwalk extension that will provide access to the water's edge, along with a shaded outdoor cooling system designed to enhance comfort during hot seasons. New food and beverage zones and event-ready public spaces form part of the development plans. 'The Al Maryah Waterfront enhancement project is a strategic investment in the future of Al Maryah Island. This project will deliver iconic elements that elevate the quality of life and offer a diverse experience for visitors, while reinforcing the island's position as a premier lifestyle destination,' Dr. Bakheet Al Katheeri, CEO of UAE Investments, Mubadala said in a statement. Upon completion, the Al Maryah Waterfront will serve as a backdrop for public life, designed to attract global visitors and support Abu Dhabi's tourism ambitions. The facility will provide opportunities for leisure, culture, and commercial activation. The project forms part of Mubadala's commitment to enabling the emirate's vision of a sustainable, competitive, and future-ready urban landscape.
Gulf Business
07-06-2025
- Business
- Gulf Business
Abu Dhabi: ADGM assets under management show 33% YoY rise in Q1
Image: ADGM Abu Dhabi Global Market (ADGM) has recorded a strong start to 2025, posting significant year-on-year growth across its ecosystem in Q1, as investor confidence and international interest in the UAE capital's financial centre remain high. Backed by major regulatory developments, global engagement and jurisdictional expansion, 'ADGM's Q1 2025 performance marks the beginning of another landmark year,' said Ahmed Jasim Al Zaabi, chairman of ADGM. 'This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions. 'ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors.' At a glance: ADGM's key growth areas in Q1 Assets under management (AUM): AUM grew 33 per cent from Q1 2024. A total of 119 fund and asset managers now manage 184 funds. Licences: The number of new licences issued increased by 67 per cent year-on-year. Entities: Operational entities surged 43 per cent to 2,781. Financial services entities rose 26 per cent to 367. Workforce: More than 29,000 people are now employed on Al Maryah Island, up 17 per cent from the previous year. Work permits: 3,509 new work permits were issued for businesses establishing on Al Reem Island. Expanded international presence and strategic engagements In January, an ADGM delegation attended iConnections Global Alts in Miami, held bilateral meetings in New York and Washington, and joined a panel titled 'Abu Dhabi: The Capital of Capital'. In February, ADGM participated in a high-level UAE-China delegation led by ADDED, supporting efforts to deepen bilateral economic ties. In April, ADGM conducted nearly 30 strategic meetings in Japan with institutions focused on private banking, wealth management and family businesses. Al Reem Island integration and new incentives More than 600 new businesses established on Al Reem Island and 500 existing firms migrated to ADGM licensing during Q1. ADGM revised its fee structure in January, slashing commercial licence fees by 50 per cent or more for non-financial and retail businesses. A flat licence fee of Dhs1,000 was introduced to boost SME access. Digital and blockchain developments In March, ADGM signed an MoU with Chainlink to enable compliant tokenisation frameworks. Stacks Asia and Bitgrit joined ADGM under its DLT Foundations framework. ADGM launched an all-in-one mobile app offering compliance tools, licence renewals and regulatory updates. A new digital real estate platform was introduced, enabling fully virtual sale and purchase transactions. Read: Focus on sustainable finance The Abu Dhabi Sustainable Finance Declaration reached 170 signatories, including Aquila Capital, Century Financial, Oryx Global Partners, PwC and Olive Gaea. The initiative continues to promote ESG integration in the region's financial sector. Human capital and UAE National empowerment ADGM Academy created 800 job placements for UAE Nationals across nine career tracks. Signed strategic MoUs with Arab Youth and the Federal Tax Authority to support upskilling in technology and finance. Published six research papers on the impact of AI in the UAE financial sector via the ADGMA Research Centre. As the financial centre continues its expansion and regulatory innovation, it expects further growth in 2025, particularly from financial markets in Europe and Asia.
Arabian Business
03-06-2025
- Business
- Arabian Business
Abu Dhabi's ADGM sees major Q1 2025 growth as global firms, fund managers flock to UAE
Abu Dhabi's ADGM reported a 43 per cent growth in operational entities and 33 per cent rise in assets under management as the financial centre expands its global footprint. ADGM kicked off 2025 with exceptional momentum — cementing its position as one of the world's fastest-growing and most dynamic financial jurisdictions. It means another quarter of robust growth and increased global recognition, sustaining momentum from a record-breaking 2024. ADGM Abu Dhabi Ahmed Jasim Al Zaabi, Chairman of ADGM, said: 'ADGM's Q1 2025 performance marks the beginning of another landmark year. This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions, boosting Abu Dhabi's status as a global financial and innovation hub. 'As the world's safest and most dynamic jurisdiction for asset and wealth management, ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors. 'ADGM remains committed to contributing towards capital formation and innovation in alignment with the UAE's long-term economic vision.' In Q1 2025, ADGM saw: 43 per cent increase in operational entities (now totalling 2,781) 33 per cent growth in assets under management (AUM) 67 per cent surge in newly issued licences 17 per cent workforce growth on Al Maryah Island 1,100+ businesses established on expanded Al Reem Island jurisdiction The asset management sector was a key indicator of ADGM's growth last year. During Q1 2025, assets under management (AUM) grew 33 per cent compared to Q1 2024. At the end of Q1 2025, 119 asset and fund managers managed a total of 184 funds out of ADGM. As of Q1 2025, the total number of operational entities in ADGM in Abu Dhabi increased 43 per cent to 2,781, from the same period a year earlier, while the number of financial services entities increased to 367, indicating a 26 per cent growth from Q1 2024. ADGM continued to attract a diverse set of global firms seeking to tap Abu Dhabi's unique financial and regulatory infrastructure. The number of new licences grew in Q1 2025, representing an increase of 67 per cent from Q1 2024. Notable firms establishing a presence during this period include: Skadden Investindustrial NewVest Arcapita Polen Capital Seviora Olive Gaea TON Aquila Group One of ADGM's strategic focuses under the 'Capital of Capital' concept has been human capital. Efforts towards this have resulted in the workforce on Al Maryah Island surging to more than 29,000 individuals, a 17 per cent growth compared to the same quarter last year. Furthermore, a total of 3,509 new ADGM work permits have been issued to businesses establishing on Al Reem Island. In line with its focus on human capital, ADGM also introduced new Employment Regulations, aimed at enhancing workplace protections while preserving business agility. The updated regulations strengthen ADGM's appeal as a global talent hub and reinforce its position as a forward-looking jurisdiction committed to inclusive, sustainable economic growth. During Q1 2025, ADGM completed its jurisdictional expansion to Al Reem Island, which delivered strong results. By Q1 2025, over 600 new businesses had set up on Al Reem Island, and more than 500 existing Al Reem-based companies had migrated to an ADGM licence. Currently, a total of 1,100 new entities operate within ADGM's expanded jurisdiction. In January, ADGM introduced a revised fee schedule, reducing commercial licence costs by 50 per cent or more for non-financial and retail businesses, further supporting SME growth and diversification in Abu Dhabi. The new structure simplifies the previous tiered model and sets a flat licence fee of AED1,000 ($272), making it significantly more accessible for entrepreneurs and SMEs to establish and scale their operations within ADGM's jurisdiction. In March, ADGM signed an MoU with Chainlink, the industry standard for onchain finance. The partnership will enable the development of compliant tokenisation frameworks by leveraging Chainlink's infrastructure and expertise. Additionally, ADGM welcomed Stacks Asia and Bitgrit to its ecosystem in Q1 2025, which will leverage ADGM's world-leading Distributed Ledger Technology (DLT) Foundations framework. ADGM officially launched its all-in-one mobile application to enhance the digital experience for businesses, employees, and residents in Q1 2025. It also introduced a groundbreaking digital platform for real estate transactions, enabling fully virtual sell-and-purchase workflows involving buyers, sellers, and financial institutions—a regional first that reflects ADGM's commitment to tech-driven transformation. During Q1 2025, ADGM Academy successfully created 800 job placement opportunities for UAE nationals across nine specialised tracks. These efforts were supported by 23 internationally recognised upskilling and reskilling certifications. ADGM Academy signed two strategic agreements, including one with Arab Youth to collaborate on empowering Arab youth and driving innovation in the technology sector. The Academy also partnered with the Federal Tax Authority to deliver targeted training programmes aligned with the national agenda.
Zawya
03-06-2025
- Business
- Zawya
ADGM kicks off 2025 with strong first quarter performance
A total of 119 fund and asset managers now manage 184 funds out of ADGM Number of new licences grew, representing an increase of 67% from Q1 2024 ADGM has 2,781 operational entities in its ecosystem, a 43% surge from Q1 2024 Financial services entities grew 26% from Q1 2024, to 367 at the end of Q1 2025 Al Maryah Island workforce surges to over 29,000 individuals, 17% growth from Q1 2024 Abu Dhabi, UAE: ADGM, the international financial centre of the UAE capital, has accomplished another quarter of robust growth and increased global recognition, sustaining momentum from a record-breaking 2024. In Q1 2025, ADGM achieved significant growth across key metrics, supported by ongoing global investor confidence, regulatory enhancements, and the successful implementation of major initiatives within its expanded jurisdiction on Al Reem Island. Meanwhile, ADGM's focus and strategic initiatives to strengthen ADGM's standing as a leading international financial centre reaffirmed Abu Dhabi's position as a global financial powerhouse and a destination of choice for regional and global entities. Commenting on ADGM's growth momentum, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said, "ADGM's Q1 2025 performance marks the beginning of another landmark year. This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions, boosting Abu Dhabi's status as a global financial and innovation hub. As the world's safest and most dynamic jurisdiction for asset and wealth management, ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors. ADGM remains committed to contributing towards capital formation and innovation in alignment with the UAE's long-term economic vision." Looking ahead, ADGM expects continued growth in the market, reinforced by an increasing interest from international firms across Europe and Asia. ADGM anticipates continued growth as it strengthens its position within these dynamic financial markets. Diverse Growth Within The 'Capital of Capital' The asset management sector was a key indicator of ADGM's growth last year. During Q1 2025, AUMs grew 33% compared to Q1 2024. At the end of Q1 2025, 119 asset and fund managers managed a total of 184 funds out of ADGM. As the sole jurisdiction in the region to adopt the direct application of English common law, ADGM's transparency, stability, legal certainty and familiarity with its established regulatory framework have been a key driver to the growing number of global and regional entities setting up. As of Q1 2025, the total number of operational entities in ADGM increased 43% to 2,781, from the same period a year earlier, while the number of financial services entities increased to 367, indicating a 26% growth from Q1 2024. ADGM continued to attract a diverse set of global firms seeking to tap Abu Dhabi's unique financial and regulatory infrastructure. The number of new licences grew in Q1 2025, representing an increase of 67% from Q1 2024. Notable firms establishing a presence during this period include Skadden, Investindustrial, NewVest, Arcapita, Polen Capital, Seviora, Olive Gaea, TON, and Aquila Group. These firms represent a range of sectors and position ADGM as the preferred premier international hub for asset management, sustainable finance, legal services, and digital innovation. Strategic Human Capital Growth One of ADGM's strategic focuses under the 'Capital of Capital' concept has been human capital. Efforts towards this have resulted in the workforce on Al Maryah Island surging to over 29,000 individuals, a 17% growth compared to the same quarter last year. Furthermore, a total of 3,509 new ADGM work permits have been issued to businesses establishing on Al Reem Island. In line with its focus on human capital, ADGM also introduced new Employment Regulations, aimed at enhancing workplace protections while preserving business agility. The updated regulations strengthen ADGM's appeal as a global talent hub and reinforce its position as a forward-looking jurisdiction committed to inclusive, sustainable economic growth. ADGM's Global Outreach and Strategic Engagements ADGM's international engagement efforts remained strong throughout Q1 2025, further highlighting its role as a global bridge for the growth of Abu Dhabi's financial sector. In January, an ADGM delegation returned to iConnections Global Alts Miami to deepen its relationship with hedge funds, private equity firms, and venture capital leaders. The delegation held bilateral meetings in New York and Washington and participated in a headline panel discussion titled 'Abu Dhabi: The Capital of Capital', showcasing the emirate's strategic access to USD 1.7 trillion in sovereign wealth capital and its investor-friendly ecosystem. In February, ADGM participated in the Abu Dhabi Department of Economic Development's (ADDED) high-level delegation to China, aimed at deepening bilateral economic ties between the two countries. With the UAE-China trade projected to reach USD 200 billion by 2030, ADGM is reinforcing Abu Dhabi's position as a vital gateway for Chinese capital into the region. At the beginning of April, a high-level delegation from ADGM travelled to Japan, where they conducted nearly 30 strategic bilateral meetings with leading financial institutions. The discussions focused on key sectors, including private banking, wealth management, and family businesses, reflecting the commitment of Japanese companies to fostering international partnerships and expanding their footprint in the region. Al Reem Island Integration During Q1 2025, ADGM completed its jurisdictional expansion to Al Reem Island, which delivered strong results. By Q1 2025, over 600 new businesses had set up on Al Reem Island, and more than 500 existing Al Reem-based companies had migrated to an ADGM licence. Currently, a total of 1,100 new entities operate within ADGM's expanded jurisdiction. In January, ADGM introduced a revised fee schedule, reducing commercial licence costs by 50% or more for non-financial and retail businesses, further supporting SME growth and diversification. The new structure simplifies the previous tiered model and sets a flat licence fee of AED 1,000, making it significantly more accessible for entrepreneurs and SMEs to establish and scale their operations within ADGM's jurisdiction. ADGM's Strategic Moves for Blockchain Innovation and Tokenisation Frameworks Reinforcing its position as a regulatory pioneer in digital assets, ADGM in March signed an MoU with Chainlink, the industry standard for onchain finance. The partnership will enable the development of compliant tokenisation frameworks by leveraging Chainlink's infrastructure and expertise. Additionally, ADGM welcomed Stacks Asia and Bitgrit to its ecosystem in Q1 2025, which will leverage ADGM's world-leading Distributed Ledger Technology (DLT) Foundations framework. These efforts are boosting Abu Dhabi's profile as a rising blockchain innovation hub at both regional and global levels. ADGM's Continued Growth in Sustainable Finance The Abu Dhabi Sustainable Finance Declaration now boasts 170 signatories, spanning banks, asset managers, investment funds, and small and medium-sized enterprises (SMEs). Launched in 2019 under the patronage of national financial regulators and ministries, the initiative continues to promote the integration of ESG principles into the financial sector and attract green investment to the region. Some of the recent names that became signatories include Aquila Capital, Century Financial, Oryx Global Partners, PricewaterhouseCoopers (PwC) and Olive Gaea. Driving Innovation Through Technology ADGM officially launched its all-in-one mobile application to enhance the digital experience for businesses, employees, and residents in Q1 2025. The app offers real-time regulatory updates, compliance tools, licence renewals, and exclusive networking features. It also introduced a groundbreaking digital platform for real estate transactions, enabling fully virtual sell-and-purchase workflows involving buyers, sellers, and financial institutions—a regional first that reflects ADGM's commitment to tech-driven transformation. Empowering UAE Nationals' Talent: Strategic Collaborations in Technology and AI During Q1 2025, ADGM Academy successfully created 800 job placement opportunities for UAE Nationals across nine specialised tracks. These efforts were supported by 23 internationally recognised upskilling and reskilling certifications. ADGM Academy signed two strategic agreements, including one with Arab Youth to collaborate on empowering Arab youth and driving innovation in the technology sector. The Academy also partnered with the Federal Tax Authority to deliver targeted training programs aligned with the national agenda. Additionally, during Q1 2025, the ADGMA Research Centre published six research papers, with a focus on the growing impact of AI in the UAE financial sector. These publications underscore AI's central role in advancing the sector's development and innovation.
The National
30-05-2025
- Business
- The National
Novikov Abu Dhabi first look: London-born bistro brings comforting Mediterranean flavours
After testing the UAE waters with a cafe in the Dubai Mall, Mayfair restaurant Novikov is bringing its Mediterranean flavours in a fine-dining setting in Abu Dhabi. Located on second level of Galleria Mall in the heart of Al Maryah Island in Abu Dhabi, the restaurant is due to open on or around June 14. But I have taken up the opportunity to check out what's on offer in advance. It is located in a corner of the mall by itself, but when I step inside it becomes immediately clear from the plush interior that it has an atmosphere all of its own. Pushing for the best A selection of fresh fish on ice catch the eye, across from a DJ station. The open kitchen, where guests will be able to watch chefs prepare and plate their food, takes up a large part of the space. The seating area is spacious, with comfortable sofas hugging each table and an expansive view of the water canal. Later, when the sun begins to set, a warm yellow glow washes over the area, soaking guests with sunlight and creating a cosy sanctuary. The resident pianist's soft sounds play in the background and a smell of aromatics and herbs fill the air, adding to the overall charm. Once night falls and the lights dim, the space transforms into a lively evening destination, as the pianist suddenly becomes the in-house DJ and the bar lights up. Italian head chef Alberto Dorigo, 26, says he will feel the responsibility of making customers happy. 'We will communicate through taste,' he explains. 'Taste sometimes is much more simple. It creates one unique culture, which is about enjoying food together. 'We are here to create the best restaurant in Abu Dhabi, so we push for that and we're going to succeed.' Italian executive chef Marco Lubian adds: "I like the concept of bringing comfort food to a very high level. Here we have 60 to 70 per cent Italian food and we bring our vision from the Mediterranean sea." Plates from the Mediterranean and beyond Offering more than 45 dishes, Novikov's menu is a colourful and diverse, bringing together comforting Italian flavours, classic Greek dishes and staple Asian bites. One of its signature starters is the beef carpaccio (Dh105), elegantly arranged with thin slices of Parmesan, rocket leaves, small dollops of truffle mayo and black truffle pieces. While the truffle and cheese pairing with the beef is exquisite, the presentation of the dish is even more enjoyable. The pieces of truffle and cheese are extracted to the side, while the carpaccio is carefully rolled up with the arugula stuffed inside. It is cut and served with the toppings, creating a perfect bite into one. The salads are light and fresh, stimulating the palate before the main dishes arrive. The catalana lobster salad (Dh220), made with fresh lobster, celery and potatoes, is a tribute to the summertime. The celery is an unexpected yet pleasant addition to the dish, enhancing the flavour profile to the next level. As for pizza, the black truffle (Dh187) is a Novikov special, made with three cheeses and fresh black truffle pieces adorning each slice. The dough is neither thin nor thick, while the cheese and truffle melt together. If you are a fan on black truffle, this dish is for you. Pasta dishes are a focus of the Mediterranean brand. One of them is the lobster linguine (Dh265) featuring sweet meat tossed in an herby tomato sauce. This dish transported me to the shores of a Greek island, its ocean-fresh flavour distinct with every bite. Another fan-favourite in Novikov branches across the world is the rock shrimp tempura (Dh110), which is fried to a crispy-golden perfection and paired with a spicy mayonnaise sauce. While a simple dish, the visually-appealing presentation and satisfying crunch is a marker of its success. As for the meat, the Australian grilled Wagyu sirloin (Dh480), which happens to be the most expensive dish on the menu, is worth splurging on. Cut into neat slices cooked medium, the well-salted meat is paired with a warm umami-gravy and a side salad with sun-dried tomatoes. Its tenderness is evident and the gravy seeps in the meat's crevices. It can all be washed down with a 'where's your smile' sweet lychee mocktail (Dh50), infused with pieces of strawberry and blueberry. Every sip is refreshing and addictive. The dessert menu is extensive. I try the vanilla gelato with candied cherries (Dh55) and it turns out to be a light yet sweet homage to Novikov's Italian cuisine. Contact information Novikov Abu Dhabi can be found in Galleria Mall, Al Maryah Island. When open, the restaurant will open daily for lunch and dinner. Reservations can be made from June 14 by calling 02 563 2937.
