ADFW 2024: Empowering Abu Dhabi’s economy as the falcon takes flight

The Abu Dhabi Finance Week (ADFW), one of the most prominent events in the Middle East and North Africa region, held its third edition from December 9 to 12, 2024, at the Al Maryah Island headquarters of the Abu Dhabi Global Market (ADGM), Abu Dhabi's international financial center. This year's ADFW, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council, featured over 60 main events and breakout sessions, bringing together industry leaders and thousands of delegates from both the public and private sectors.

At the grand ceremony held at the ADQ Arena, His Excellency Ahmed Jasim Al Zaabi, Member of the Abu Dhabi Executive Council and Chairman of ADGM and the Abu Dhabi Department of Economic Development (ADDED), commented on the event's theme, "Welcome to the Capital of Capital." In his speech, Al Zaabi posed the question of what truly constitutes the pillars of a great and enduring economy. He noted, "Of course, we think of monetary wealth, the bedrock of any thriving economy, but we must remember that the greatest economies are built on more than just these."

Al Zaabi further elaborated, "Great societies thrive not only on wealth but on diverse and enduring forms of capital." He referred to cultural capital as the soul of society and technological capital as the fuel for innovation. He added, "Yet, all of these revolve around a fundamental element: human capital. Every innovation, every invention, every piece of history is created by people. Even with the rise of artificial intelligence, it is still the human drive—our vision, resilience, and creativity—that is transforming economies and societies."

The four-day ADFW event featured both returning and new activities. Among the most anticipated was the second Abu Dhabi Economic Forum (ADEF), held in collaboration with ADQ and ADDED, which delved into the current state and prospects of the "Falcon Economy." The speaker lineup was impressive, including CEOs and executives from BlackRock, UBS, Bridgewater, HSBC, PGIM, Morgan Stanley, Citigroup, BNY, Lunate, 2PointZero, First Abu Dhabi Bank (FAB), Pure Health, GQG Partners, Aldar, ADQ, and Mubadala.

During a session titled "ADFW Board: Abu Dhabi in the Global Economy," global business leaders explored Abu Dhabi's economic development and how it has become a significant hub for business and investment in the region and beyond. Participants also discussed economies around the world and what measures can be taken to promote Abu Dhabi's growth amid the rapidly evolving global landscape. Financial luminaries attending the session included Sergio Ermotti, CEO of UBS Group, Ray Dalio, Founder and Chief Investment Officer of Bridgewater, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (FAB), and Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).

Other notable sessions included "Building the Falcon Economy," "SheLeadsBusiness: Abu Dhabi Women's Business Mission," "The New Era of Capital Flows in a Multi-Centric World," "The View from the Giants: Abu Dhabi's New Place in the World," "Factors Influencing Global Markets," and "Slowbalisation: A New World Order." Waleed Al Mukarrab Al Muhairi, Deputy Group CEO of Mubadala, shared his insights on one of the world's largest sovereign wealth funds. His keynote address highlighted Mubadala's recent growth and development, the rise of the UAE capital as a global financial center, the UAE's strategic position in connecting East and West, and the crucial role of collaboration and partnerships in addressing global challenges and creating a more sustainable future for generations to come.

Another highlight of ADFW 2024 was the inaugural Abu Dhabi Capital Markets Forum, held in collaboration with the Abu Dhabi Securities Exchange (ADX). From PureHealth Group, TAQA Group, and ADNOC Drilling to Abu Dhabi Islamic Bank (ADIB) and Borouge, the event showcased the UAE capital's publicly listed companies. The UBS Investor Forum was another platform with over 30 founders and chief investment officers from prominent hedge funds in attendance.

Asset Abu Dhabi, a flagship event during ADFW, was once again successfully held, bringing together asset allocators and asset managers, investment bankers, venture capitalists, private equity, family offices, and other institutional investors. These participants manage a total of over $42.5 trillion in assets. Bridgewater's Dalio was among the notable speakers, delivering a keynote address at a session titled "Principles for a Changing World Order." He reviewed various turbulent economic and political periods and explained that the world might be rewriting its future, deviating from recent history.

The "Market Outlook of Trillion-Dollar Asset Managers" session was another important venue for gaining insights into the world's asset management industry. In 2023, assets under management (AUM) grew to nearly $120 trillion. Meanwhile, managers with trillions of dollars in assets hold about 61% of the industry's total assets. Speakers at this session included Alexander Ivanovich, President of UBS Asset Management, David Hunt, President and CEO of PGIM, and Bill Huffman, CEO of Nuveen.

Key industry figures, including Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners, and Aron Landy, CEO of Brevan Howard, also participated in important discussions covering topics ranging from the Falcon Economy to real estate and sovereign funds. In praising the importance of Asset Abu Dhabi, Al Zaabi said, "Bringing together some of the biggest names in asset management, Asset Abu Dhabi is an unparalleled platform to share insights and shape the future of this dynamic industry."

He added, "Through this platform, we are highlighting the next frontier of technology and investment opportunities and providing critical perspectives on regional and global economic prospects that will transform investing in the next decade amid a changing world order. Asset Abu Dhabi underscores ADGM's unwavering commitment to driving the growth of the Falcon Economy."

On the second day of ADFW 2024, 14 Memorandums of Understanding (MoUs) and strategic agreements were signed, highlighting the event's importance as a platform for promoting cooperation. Key ADGM deals included partnerships with the Istanbul Financial Center, the Beijing Financial Street Service Bureau, and Polygon. Circle and Lulu Financial Holdings also signed a significant agreement, while the Abu Dhabi Investment Office (ADIO) signed agreements with PGIM, the Export-Import Bank, and Mastercard.

ADFW 2024 also highlighted the 40th anniversary of UAE-China bilateral relations through a new event called the "UAE-China Investment Summit." The inaugural summit, held in collaboration with HSBC, explored various opportunities in trade and economic growth between the two sides. Several distinguished guests attended the gathering, including Ge Han, Partner at Hillhouse Capital, Dr. Nasser Saidi, President of Nasser Saidi & Associates, Sean He, Chief Investment Officer of Triata, Kwan Chee Mun, Founder and CEO of Raffles Family Office, and Gai Xi, Vice President and Chief Strategy Officer of Wind Information Group.

In a session titled "Why is the Chinese Market an Exciting Investment Opportunity for the Region?", experts discussed China's e-commerce and cutting-edge technologies, as well as other opportunities that the UAE and other countries in the region can leverage. The session also highlighted the transformative "Belt and Road" initiative, discussing how investors can benefit from these initiatives.

As the region's leading financial event, ADFW hosted numerous impactful events, such as the Abu Dhabi Fintech Festival, the Abu Dhabi Sustainable Finance Forum (ADSFF), RESOLVE, the International Family Office Congress, the T.R.I. (Restructuring and Insolvency) Summit, the Spears Summit - Private Wealth Forum, and the Future Talent Summit. The International Family Office Congress focused on strengthening Abu Dhabi's family office sector. Key sessions explored topics such as macroeconomic trends, technology, risk management, and investment strategies. Meanwhile, a panel discussion titled "Education in Collaboration and Progress" highlighted how family businesses can enhance value by partnering with global asset managers and exploring M&A opportunities.

The third edition of ADFW highlighted Abu Dhabi's position as a global leader in the business and investment arena. In commenting on the UAE capital's appeal, Al Zaabi noted, "Abu Dhabi is a place where you can think big and build bigger—a place where legends are forged." He added, "Abu Dhabi is the capital of the modern renaissance… Remember: 'Capital of Capital' is more than a title—it's a thriving vision, and we invite you to be a part of this legend, to build, innovate, and lead the way forward together." He reiterated the theme of ADFW 2024.