{"id":98656,"date":"2024-12-10T00:00:00","date_gmt":"2024-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-asset-managers-head-to-adgm\/"},"modified":"2024-12-10T00:00:00","modified_gmt":"2024-12-10T00:00:00","slug":"more-asset-managers-head-to-adgm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/10\/more-asset-managers-head-to-adgm\/","title":{"rendered":"More asset managers head to ADGM"},"content":{"rendered":"

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FINANCE-<\/p>\n

#1- US-based asset manager <\/strong>Polen Capital<\/a><\/strong> received preliminary approval from the ADG<\/strong>M<\/strong> to establish an office at the financial hub<\/strong>, according to a press<\/a>release<\/a>. The firm, which managed USD 63 bn in assets as of 30 September, according to Reuters<\/a>, follows the trend of global asset managers and hedge funds expanding to ADGM, drawn by the region\u2019s strong demand and favorable incentives, such as streamlined license approvals.<\/p>\n

#2- US-based private credit asset manager <\/strong>Golub Capital<\/a><\/strong> also received preliminary approval<\/strong> to set up an office at the ADGM<\/strong>, it said in a statement<\/a>. The company, which according to Reuters<\/a> had around USD 70 bn in assets under management as of 1 October, tapped Naser Almutairi to be the managing director for the Middle East operations.<\/p>\n

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CAPITAL MARKETS-<\/p>\n

Trading platform <\/strong>eToro<\/a><\/strong> partnered with the Abu Dhabi Securities Exchange (AD<\/strong>X) to allow users to <\/strong>invest in ADX-listed companies on the platform starting next year<\/strong>, according to a press release<\/a>. The new offering will include stocks from sectors such as energy, real estate, banking, finance, technology, and healthcare.<\/p>\n

Remember- eToro added 10 DFM stocks to its platform <\/strong>back in August<\/a><\/strong> under a similar agreement with the Dubai Financial Market (DFM).<\/p>\n

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INVESTMENT-<\/p>\n

#1- <\/strong>Shorooq<\/strong> eyes expanding financial services offerings under partnership with <\/strong>Hanwh<\/strong>a <\/strong>Life: <\/strong>Homegrown investment manager Shorooq<\/a> partnered with South Korean life ins. firm Hanwha Life<\/a> to scale up its financial services offerings while backing Hanwha\u2019s expansion in the Mena region, according to a press release<\/a>. \u201cThis partnership with Hanwha Life fortifies our ability to scale, innovate, and support emerging businesses in critical sectors, including AI and fintech,\u201d Shane Shin, founding partner at Shorooq, said.<\/p>\n

#2- India\u2019s largest early-stage accelerator VC <\/strong>100Unicorns<\/a><\/strong> opened its<\/strong> fi<\/strong>rst offshore <\/strong>office in the ADGM<\/strong>, according to a press release<\/a>. The new office aims to draw Mena investors to \u201chigh-growth\u201d prospects in the Indian market.<\/p>\n

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CRYPTO-<\/p>\n

Dubai-based crypto trading platform <\/strong>BitOasis<\/a><\/strong> secu<\/strong>red a full Virtual Asset <\/strong>Service <\/strong>Provider license to operate in the emirate<\/strong>, after meeting all regulatory requirements, according to a company statement<\/a>. The firm will work to secure additional approvals from Dubai Virtual Assets Regulatory Authority and other regulators to further expand its product portfolio.<\/p>\n

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MANUFACTURING-<\/p>\n

#1- <\/strong>Space42 + ICEYE form a JV to manufacture SAR satellites in the UAE: <\/strong>State-owned AI-powered space tech firm Space42<\/a> and Finnish microsatellite manufacturer ICEYE<\/a> have formed a joint venture to manufacture synthetic aperture radar (SAR) satellites in the UAE, according to a company statement<\/a>. The JV\u2019s operations will be based at Space42\u2019s new facilities in Abu Dhabi, addressing the growing demand for high-resolution SAR data for applications such as environmental monitoring and disaster response. <\/p>\n

REFRESHER-<\/strong> Space42 was formed after the merger of Bayanat and Al Yah Satellite Communications (Yahsat) in October<\/a>, with Bayanat holding 54%. Bayanat and Yahsat launched the UAE\u2019s first low Earth orbit (LEO), synthetic aperture radar (SAR) satellite, developed in partnership with ICEYE back in August<\/a>.<\/p>\n

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#2- <\/strong>Emirates Global Aluminium broke ground on 10 pilot reduction c<\/strong>ells at Al <\/strong>Taweelah for its smelting technology EX<\/strong>, according to a company statement<\/a>. The first production from the pilot cells is expected to be rolled out by mid-2025, with full-scale industrialization targeted for 2028.<\/p>\n

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DEVELOPMENT FINANCE-<\/p>\n

The Abu Dhabi Fund for Development agreed to allocate AED 183.5 mn (USD 50 mn) to <\/strong>finance the first phase of Ivory Coast\u2019s Social Housing Program in Abidjan<\/strong>, state news agency Wam<\/a> reports. The project\u2019s first phase will cover the construction of 25k housing units, and marks the fund\u2019s first venture in the Ivory Coast.<\/p>\n

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AGRICULTURE-<\/p>\n

UAE agri-tech food company <\/strong>Silal<\/a><\/strong> and global enterprise <\/strong>Bayer<\/a><\/strong> have inked an MoU <\/strong>outlining a collaboration program<\/strong> in advanced agricultural practices<\/strong> in desert environments, addressing climate change challenges, according to a statement<\/a>. The MoU builds on a partnership which began in December 2023.<\/p>\n

The program will run until 2028<\/strong> and focusing on:<\/p>\n