Latest news with #ArvindRamamurthy
Yahoo
10-06-2025
- Business
- Yahoo
Abu Dhabi expects more rapid growth for its financial centre
By Marc Jones LONDON (Reuters) -The rush of financial firms setting up in Abu Dhabi to tap the oil-rich emirate's wealth funds and Middle East markets will continue at pace, the official in charge of expanding its financial hub has predicted. Abu Dhabi, which holds 90% of UAE's oil reserves, has accelerated efforts to diversify its economy, leaning on its vast sovereign funds that together manage almost $2 trillion of capital. Abu Dhabi Global Markets still lags Dubai, but the number of firms registered in the centre rose by 32% last year, and the amount of assets managed by firms there grew 245%, as the likes of BlackRock, Morgan Stanley, AXA, PGIM and hedge fund Marshall Wace all set up or registered funds there. Earlier on Tuesday, Harrison Street, a U.S. firm focused on alternative real estate assets with about $56 billion in assets under management, said it was opening an office in Abu Dhabi. The centre reported last week that new operating licences increased 67% in the first quarter of this year taking the total number of firms there past 2,380. "We still have very strong growth," ADGM's Chief Market Development Officer, Arvind Ramamurthy said, noting that the pipeline of new firms looked strong for the rest of the year, but refrained from giving a forecast for assets growth. "Will it be 245% again this year? I wish. Let's see," he said in an interview late on Monday. Firms from Japan, India and China are also setting up in growing numbers - asset managers and financial institutions but also crypto and artificial intelligence firms, Ramamurthy said providing any details. With cryptocurrency regulations in place since 2018, Abu Dhabi has become a major centre for such investment, with sector heavyweights such as Circle and Coinbase represented there, while Abu Dhabi-backed investment group MGX has recently invested $2 billion worth of crypto tokens - issued by U.S. President Donald Trump's World Liberty Financial venture - in the world's biggest crypto exchange, Binance. (Additional reporting by Federico Maccioni in Dubai and Elizabeth Howcroft in ParisEditing by Tomasz Janowski)
Straits Times
10-06-2025
- Business
- Straits Times
Abu Dhabi expects more rapid growth for its financial centre
LONDON - The rush of financial firms setting up in Abu Dhabi to tap the oil-rich emirate's wealth funds and Middle East markets will continue at pace, the official in charge of expanding its financial hub has predicted. Abu Dhabi, which holds 90% of UAE's oil reserves, has accelerated efforts to diversify its economy, leaning on its vast sovereign funds that together manage almost $2 trillion of capital. Abu Dhabi Global Markets still lags Dubai, but the number of firms registered in the centre rose by 32% last year, and the amount of assets managed by firms there grew 245%, as the likes of BlackRock, Morgan Stanley, AXA, PGIM and hedge fund Marshall Wace all set up or registered funds there. Earlier on Tuesday, Harrison Street, a U.S. firm focused on alternative real estate assets with about $56 billion in assets under management, said it was opening an office in Abu Dhabi. The centre reported last week that new operating licences increased 67% in the first quarter of this year taking the total number of firms there past 2,380. "We still have very strong growth," ADGM's Chief Market Development Officer, Arvind Ramamurthy said, noting that the pipeline of new firms looked strong for the rest of the year, but refrained from giving a forecast for assets growth. "Will it be 245% again this year? I wish. Let's see," he said in an interview late on Monday. Firms from Japan, India and China are also setting up in growing numbers - asset managers and financial institutions but also crypto and artificial intelligence firms, Ramamurthy said providing any details. With cryptocurrency regulations in place since 2018, Abu Dhabi has become a major centre for such investment, with sector heavyweights such as Circle and Coinbase represented there, while Abu Dhabi-backed investment group MGX has recently invested $2 billion worth of crypto tokens - issued by U.S. President Donald Trump's World Liberty Financial venture - in the world's biggest crypto exchange, Binance. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Sun
25-05-2025
- Business
- The Sun
Carta Receives Financial Services Permission from ADGM's Financial Services Regulatory Authority, Unlocking New Phase of Growth in MENA's Venture Capital and Private Equity Ecosystem
RIYADH, SAUDI ARABIA - Media OutReach Newswire - 23 May 2025 - Carta, the software platform purpose-built for private capital, today announced its Financial Services Permission (FSP) from ADGM's Financial Services Authority (FSRA), unlocking a new phase of growth in Middle East and North Africa (MENA). This milestone significantly advances Carta's global mission to make private markets more accessible, transparent, and equitable. As the world's largest fund administrator for venture capital, Carta will support the private market ecosystem in the MENA region with its end-to-end software platform for fund operations, in addition to its equity management solutions for companies (including startups). Abu Dhabi, renowned as the 'capital of capital,' has shown exceptional growth in the financial services sector. Carta's expansion comes as the UAE establishes itself as a key player in the Middle East, constituting 40% of all funding rounds in the region—a 9% year-on-year increase—according to industry reports. In 2024, assets under management (AUM) within ADGM grew by 245%, with 134 fund and asset managers operating 166 funds by the end of 2024. Carta has strategically chosen ADGM as the location for its new Middle Eastern office, strengthening the company's commitment to aligning with regions that demonstrate significant market potential and robust economic policies. Located at Hub71 WeWork, in the heart of the financial district, Carta's new office serves as a strategic base for expanding sales and marketing efforts in the MENA region, a region the company sees as highly promising. 'The Middle East is the perfect place for Carta expansion,' said Bhavik Vashi, Managing Director of Carta APAC & MENA. 'The regulatory framework in ADGM is one of the most progressive we've seen globally—exactly the type of environment needed to fuel the private markets, which is why we have made a big bet here.' Over the past few years, Carta has been working closely with government regulators and is confident that its comprehensive suite of services—such as quarterly reporting, compliance services, and tax and audit readiness—will effectively address the needs of the local community. Arvind Ramamurthy, Chief of Market Development Officer at ADGM said; 'We congratulate Carta on receiving their FSP from ADGM. We are thrilled to welcome them to ADGM's dynamic ecosystem, where innovation, growth, and opportunity thrive. Your presence enriches Abu Dhabi's financial landscape, and we look forward to supporting your success in this vibrant and forward-thinking community.' Carta currently supports a number of prominent regional customers, including Global Ventures, BECO Capital, Cotu Ventures, Outliers VC, Dubai Future District Fund, and Middle East-based unicorns Foodics and Kitopi. With ADGM license approval, Carta will continue to collaborate with the local VC & PE ecosystem to further enhance the company's service offerings and deliver greater value for the Middle East's growing private markets.
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Bitcoin Suisse Secures In-Principle Approval to Operate in ADGM
Bitcoin Suisse, a Swiss crypto financial services provider, has announced that its subsidiary, BTCS (Middle East), has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This development is part of Bitcoin Suisse's ongoing international expansion and will allow the firm to move toward obtaining full authorisation to operate within ADGM. Upon securing full licensing, BTCS (Middle East) Ltd. will be permitted to offer regulated crypto financial services in Abu Dhabi, including virtual asset trading, crypto securities and derivatives, as well as local custody services. ADGM is recognised for its advanced regulatory framework and is considered a key jurisdiction for virtual assets in the MENA region. The FSRA's virtual asset regulations are among the most comprehensive globally, positioning ADGM as a major hub for digital finance. Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East), commented: 'The In-Principle approval marks an important milestone in our global expansion journey. It reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory excellence. We look forward to working closely with the FSRA to obtain our full license and bring our decade of experience in crypto finance to the region's rapidly evolving digital asset ecosystem.' Arvind Ramamurthy, Chief of Market Development at ADGM, said: 'ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem.' Bitcoin Suisse currently manages over US$6 billion (AED 22.2 billion) in digital assets under custody and more than US$2.6 billion (AED 8.9 billion) in institutional staking services. With its entry into the ADGM ecosystem, the firm aims to operate within a regulated framework that supports the delivery of crypto financial services to clients in the region. The IPA indicates that BTCS (Middle East) has met the FSRA's initial regulatory standards. The company will continue to develop its product offerings and operations as it progresses toward full licensing.
Zawya
20-05-2025
- Business
- Zawya
'Tradition' interdealer broker opens office in ADGM
Tradition, the interdealer broking arm of Compagnie Financière Tradition (CFT) and one of the world's largest interdealer brokers in over-the-counter financial and commodity related products, announced the opening of its first office in Abu Dhabi, becoming one of the first interdealer brokers to establish a presence within ADGM. The company secured Financial Services Permission (FSP) from the Financial Services Authority of ADGM and has opened a new office in Abu Dhabi's International Financial Centre (IFC). This strategic expansion strengthens Tradition's global footprint and enhances its ability to support clients seamlessly across all major macro markets. Located within ADGM, Tradition benefits from a world-class regulatory framework that combines strong governance with commercial pragmatism, as well as the advantages offered by its international financial free zone status. Mike Anderson, CEO Tradition, EMEA, said, 'Establishing a presence in Abu Dhabi is a significant milestone for Tradition and a natural progression of our EMEA strategy. ADGM offers a compelling environment for financial institutions, and we are confident this expansion will enhance our ability to serve clients with precision, insight, and proximity. Abu Dhabi's ambition aligns with our own—to be forward-looking, trusted, and at the forefront of global financial markets." Arvind Ramamurthy, Chief Market Development Officer, ADGM, added, 'We are pleased to welcome Tradition to ADGM's dynamic ecosystem. Tradition's strategic expansion within the region as one of the first interdealer brokers to establish a presence in ADGM is a testament to continued interest of global firms choosing the IFC in Abu Dhabi. We look forward to seeing the value they bring to and to supporting their journey through ADGM's robust regulatory framework and growing ecosystem."
