Abu Dhabi's financial centre ADGM said on Thursday the number of companies that have set up base there grew 32% last year, as more firms moved to the United Arab Emirates' capital to grow their business in the region and deepen ties with its wealth funds.

Assets under management jumped over three-fold in 2024, ADGM said in a statement, adding that a total of 134 asset and fund managers managing 166 funds operated there as of the end of last year.

ADGM did not disclose its financials for the year.

An economic rebound after the pandemic and relative ease of doing business have boosted the UAE's appeal among companies and wealthy individuals in recent years.

Abu Dhabi, which holds 90% of UAE's oil reserves, has accelerated efforts to diversify its economy, leaning on its vast wealth and sovereign funds, which together manage almost $2 trillion, to boost non-oil growth.

The financial centre has seen an inflow of banks, hedge funds, family offices, venture capital firms and crypto traders such as Apollo Global founder Leon Black's new family office branch, BlackRock and General Atlantic.

ADGM said the number of companies setting up base in the financial centre reached a total of 2,381 as of the end of December, compared to over 1,800 in 2023.

ADGM's results come after the Dubai International Financial Centre (DIFC) reported a 55% rise in its 2024 operating profit to 1.33 billion dirhams ($362.17 million).

While the Abu Dhabi Global Market (ADGM) is small compared to global financial centres, such as New York or London, ADGM and other hubs in the region have benefited from strong inflow of companies and demand for commercial real estate space. ($1 = 3.6723 UAE dirham)

(Reporting by Federico Maccioni and Abinaya Vijayaraghavan, editing by Tomasz Janowski)