Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, Abu Dhabi Finance Week (ADFW) 2024 got underway on 9 December 2024. With the third edition of the event concluding on 12 December, we reflect on some of the biggest and most exciting announcements made at ADFW.
This year saw Abu Dhabi Finance Week bring in over 18,000 visitors, more than 600 speakers and over 180 sessions. It improved on last year’s 46 breakout events by hosting more than 60 this year, including:
Asset Abu Dhabi
RESOLVE
Fintech Abu Dhabi
Abu Dhabi Sustainable Finance Forum
In 2023, over 40 announcements were made at ADFW and with this year’s event growing to new heights, even more were made this year. Here are some announcements that stood out to us:
Welcome to ADFW
Day one kicked off with Ahmed Jasim Al Zaabi, member of Abu Dhabi’s Executive Council, and chairman of ADGM (Abu Dhabi Global Market), the international financial centre, giving attendees a special address in the ADQ Arena in ADGM, highlighting the first focus of the event: Abu Dhabi’s Falcon Economy.
He commented: “In a world seeking stability and growth, Abu Dhabi’s Falcon Economy stands as an unwavering partner for businesses, investors, innovators, and visionaries alike, welcoming them to the ‘Capital of Capital’. Here, every investment and every relationship are supported by our commitment to build a future defined by trust, resilience, and boundless opportunity. As our jurisdiction expands and achieves new milestones, our community grows simultaneously.
“Through international platforms like ADFW, we invite the world to join us in shaping conversations that will outline the legacy of progress that transcends borders and generations.”
Fintech Abu Dhabi
Fintech Abu Dhabi returned for its eighth edition in 2024, attracting a dynamic mix of global tech leaders, tech innovators, banking institutions, developers, entrepreneurs, and investors who shape the future of finance. With a focus on payments, digital assets, digital security, and credit, the gathering also reaffirmed Abu Dhabi’s position as a global hub for financial innovation.
Salem Mohammed Al Darei, CEO of ADGM Authority
Commenting on the event, Salem Mohammed Al Darei, CEO of ADGM Authority said: “Fintech Abu Dhabi exemplifies our dedication to innovation, bringing global visionaries together to shape the future of finance and technology. We aim to facilitate meaningful conversations that continue to strengthen a thriving ecosystem coupled with progressive frameworks and a dynamic business environment.”
Through a series of thought-provoking sessions and high-profile forums, Fintech Abu Dhabi highlighted key trends within this sector.
Enhancing regulation
ADGM showcased a series of recent regulatory enhancements during Fintech Abu Dhabi which were well received by the delegates.
The developments included:
A comprehensive framework for the issuance of Fiat-Referenced Tokens (FRTs) within ADGM, broadening the range of digital assets available in a regulated environment
The release of detailed guidance addressing IT Risk Management
A consultation paper on proposed updates to the Virtual Asset Framework
Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM
Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM said: “ADGM’s advancement as a progressive international financial centre is underpinned by the various and comprehensive initiatives it takes on the regulatory front. As a forward-thinking jurisdiction, every new regulatory framework and amendment introduced reflects ADGM’s and the FSRA’s commitment to staying ahead of the curve.
“We continuously assess and address the evolving risks as well as the needs of the digital asset ecosystem, as we remain committed to fostering responsible innovation within the financial landscape.”
Global Financial Regulators Summit
A focus on regulations was continued by the FSRA as it hosted the third edition of the Global Financial Regulators Summit, convening senior regulatory representatives from the MENA region, the European Union, the UK, and Asia.
This year’s assembly focused on the role of artificial intelligence (AI) in the financial services sector. The Summit provided a platform for global financial regulatory leaders to discuss the risks and challenges associated with AI adoption. Recognising the significant opportunities AI offers, the Summit also explored strategies to promote innovation while safeguarding customer protection, market integrity and responsible AI use by licensed financial entities and regulators.
Supporting the insurance sector’s growth
ADGM also announced the forthcoming establishment of the Insurance Association within its jurisdiction. This initiative represents a significant milestone in advancing the insurance and reinsurance sectors in ADGM and the UAE, aiming to create a unified platform to support industry growth and innovation.
The Association will play a pivotal role in fostering collaboration among key stakeholders, advancing professional standards, and promoting best practices within the insurance industry. It will serve as a collective voice for the sector, engaging with regulators, policymakers, and industry leaders to address emerging challenges and opportunities while ensuring alignment with ADGM’s mandate and UAE’s economic and financial development goals.
Arvind Ramamurthy, chief market development officer, ADGM
Arvind Ramamurthy, chief market development officer, ADGM said: “We welcome the proposal to set up an insurance association within ADGM, which underlines the continued development of the insurance sector and ADGM’s position as a leading financial centre. The strong interest in insurance and reinsurance reflects the sector’s potential and this association, initiated by market participants, will bring significant benefit to those operating within ADGM’s insurance ecosystem and those looking to enter the market.”
Committing to improving international relations
ADGM signed a Memorandum of Understanding (MoU) with Beijing Financial Street Service Bureau, on the sidelines of the UAE-China Investment Summit presented by HSBC. This strategic agreement reinforces the mutual commitment to fostering connections, particularly in the areas of international development and industry promotion, further advancing the growth of Beijing Financial Street and ADGM.
Commenting on the partnership, Lu Wuxing, director general of Beijing Financial Street Service Bureau said: “This collaboration leverages the unique strengths of both parties. Through platforms like the Financial Street Forum and Abu Dhabi Finance Week, we aim to enhance industry exchanges, encourage cross-border business establishment, and drive the coordinated development of Beijing as a National Financial Management Center and Abu Dhabi as an International Financial Center.”
Bringing USDC to the mainstream
Crypto industry giants Circle Internet Group Inc. and Binance joined forces to expand the adoption of USDC during ADFW. Through the partnership, Binance will make USDC more extensively available across its full suite of products and services, ensuring that its more than 240 million global users are able to access and use USDC for trading, saving, and payment applications. Additionally, Binance will adopt USDC as a vital dollar stablecoin for their own corporate treasury, a powerful signal about the world moving on-chain.
Likewise, Circle will provide Binance with the necessary technology, liquidity and other tools for Binance users to benefit from the trust and innovation that Circle has built for USDC. Circle will also work with Binance to build key relationships across the global finance and commerce landscape, as mainstream companies all around the world seek to benefit from crypto infrastructure and stablecoins for an increasingly wide array of use cases.
Encouraging investment in Hub71 startups
Hub71, Abu Dhabi’s global tech ecosystem, unveiled its latest initiative designed to foster the growth of angel networks and enable angel investors to form legal investment structures within Abu Dhabi’s thriving startup ecosystem: the Angel Investor Support Package. The package includes a financial incentive of AED 150,000, unlocking a range of benefits for angel investors to encourage investment in Hub71’s early-stage startups.
The Angel Investor Support Package offers a range of benefits. Some of these include an office space for two years, reduced licensing and setup fees for establishing ADGM Special Purpose Vehicles (SPVs/ICC), and access to centralised back-office support services, including legal and audit.
Mohammed Al Binali, value creation lead at Hub71
Mohammed Al Binali, value creation lead at Hub71 said: “By empowering the development of angel networks, facilitating larger ticket investments, and encouraging investment in early-stage startups, we aim to unlock the full potential of Abu Dhabi’s global tech ecosystem.”
The announcement comes one week after Hub71 partnered with Google to introduce Google’s startup programme, Google for Startups, to the UAE.
Driving AI innovation in startups
Hub71 didn’t stop there. During ADFW, it also announced the launch of Hub71+ AI, a specialist ecosystem designed to support startups harnessing cross-sector AI innovation. It provides AI startups with the necessary infrastructure and resources to thrive in the global economy. The initiative underscores Abu Dhabi’s commitment to advancing AI across priority sectors, aligning with the UAE capital’s broader economic vision.
Ahmad Ali Alwan, CEO of Hub71
Ahmad Ali Alwan, chief executive officer of Hub71 said: “AI is transforming industries and rapidly shaping the future of our world. Abu Dhabi is not just keeping pace but setting the standard as a global leader in advancing AI for meaningful impact. Hub71+ AI is our commitment to bold, pioneering founders, providing startups with unparalleled access to resources, mentorship, and collaboration opportunities with tech giants and national champions.”
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