< Previousfi nancemiddleeast.com50 | March 2025 ENTREPRENEURSHIP The UAE has become a shining example of progress and inclusivity of women’s participation in business in the region. Women play a vital role in shaping the nation’s economy, excelling in leadership positions and driving entrepreneurialism. Over the last decade, the UAE’s legal framework has evolved signifi cantly to support women in business. Key milestones include legislation to support equal pay for men and women in the public sector (UAE Cabinet Decree 2018), which was expanded to include the private sector in 2020 and other initiatives at a government level, such as a directive issued in 2019 that Words by: Zana Jablan Musa, Operations Director at Sovereign PPG Over the last decade, the UAE’s legal framework has evolved signifi cantly to support women in business mandates women occupy 50% of the seats in the UAE Federal National Council. The government supports this shift by nurturing female entrepreneurship through funding programmes, mentorship opportunities and business-friendly policies. These eff orts align with the UAE’s broader vision to diversify its economy and empower Emirati and foreign national women as key contributors to its growth. COUNCILS AND NETWORKS FOR WOMEN IN BUSINESS Several women-oriented groups and councils have been established to further encourage and UAE ADVANCES GENDER DIVERSITY WITH MANDATORY BOARD REPRESENTATION FME_Mar2025_50-51_OP-ED_13525785.indd 50FME_Mar2025_50-51_OP-ED_13525785.indd 5003/03/2025 20:1203/03/2025 20:12fi nancemiddleeast.comMarch 2025 | 51 ENTREPRENEURSHIP Zana Jablan Musa of Sovereign PPG support women in business. Among the most notable is the Gender Balance Council, a federal entity established in 2015 that is responsible for developing and implementing the gender balance agenda in the UAE. More social networking groups, such as the Dubai Business Women Council (DBWC), the Abu Dhabi Businesswomen Council and the Sharjah Business Women Council, work to create an enabling environment for professional women to network, collaborate and enhance their skills. Such resources empower women to overcome traditional barriers and excel in competitive industries. 50% Emirati women's representation in the Federal National Council All these organisations play a crucial role in creating a sense of community, off ering resources and advocating for policy changes. GENDER DIVERSITY IN LEADERSHIP The UAE actively promotes Diversity, Equity and Inclusion (DEI) policies and Gender Equality is a pillar that forms part of the UAE’s social and economic reform initiatives. A recent development issued in 2024 from the Ministry of Economy now mandates private joint-stock companies (PJSC) to ensure women are represented on their boards of directors. This decision is a key component of a strategy to enhance diversity in the corporate sector and increase women’s representation in leadership positions. This legal requirement signals a significant shift within the UAE’s corporate landscape. It demonstrates the country’s recognition of the value of gender-balanced leadership and showcases the UAE’s commitment to gender diversity in leadership roles. It is likely to pave the way for additional policies to further integrate women into corporate leadership. The UAE’s efforts to promote women’s roles in business are generating results and solidifying women’s participation in its economy. These developments empower women and contribute to the nation’s economic resilience and growth. As the country continues this progressive path, the future looks bright for women in business, with their contributions shaping a more inclusive UAE, which will only encourage women to want to set up businesses in the region. FME_Mar2025_50-51_OP-ED_13525785.indd 51FME_Mar2025_50-51_OP-ED_13525785.indd 5103/03/2025 20:1303/03/2025 20:13IN CONVERSATION fi nancemiddleeast.com52 | March 2025 UPWARDS AND ONWARDS Interview by: Nivetha Dayanand ADGM’s Arvind Ramamurthy on driving AUM growth and shaping Abu Dhabi’s fi nancial future FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 52FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 5203/03/2025 20:1303/03/2025 20:13IN CONVERSATION fi nancemiddleeast.comMarch 2025 | 53 In recent years, the Abu Dhabi Global Market (ADGM) has emerged as a key player in the Middle East’s f inancial landscape, recording exponential growth in assets under management (AUM) and attracting major global institutions. In a recent podcast interview with Cheque Point, Arvind Ramamurthy, Chief of Market Development and Acting CFO of ADGM, highlighted the fi nancial centre’s rapid expansion, including the attraction of entities collectively managing over $635 billion in assets. He underlined the centre’s key diff erentiators, including adopting English common law, progressive regulations and investor-friendly services. Ramamurthy elaborated on ADGM’s early and strategic embrace of digital assets and fi ntech, noting how regulatory sandboxes and tech labs have enabled the development of regional unicorns. With fi ntech and innovation at the core of its strategy, ADGM continues to refi ne its regulatory frameworks to stay ahead of emerging technologies. ADGM’s AUM has grown exponentially, rising by over 215% in 2024. What strategic initiatives have contributed to the surge, and how do you plan to maintain this growth trajectory in an increasingly competitive regional market? If you look at the growth numbers by themselves, they are quite staggering. Over the last three to four years, we’ve consistently grown at double digits and recently at triple-digit growth rates. So, we’ve seen very strong growth across our AUM in ADGM. There are a few things that set us apart. First and foremost, Abu Dhabi’s standing in the global ecosystem. As you know, we like calling Abu Dhabi the capital of capital. It is truly that. And when we say capital, it’s not just fi nancial capital; it’s technological, human and cultural capital. We look at multiple elements. The growth has been driven by the capital providers within ADGM, but more so by the ecosystem that we’ve been able to develop here within ADGM. As you’re probably aware, we have a direct application of English common law in this jurisdiction, which diff erentiates us from anyone else in the region. Only a couple of other players globally have this, namely Singapore and Hong Kong. By adopting English common law and having progressive regulations, we’ve managed to carve a niche for ourselves in the global fi nancial ecosystem. A lot of this has contributed to that growth. Also, not to forget Abu Dhabi’s livability quotient. Abu Dhabi has been consistently voted as the most livable city globally, and it’s a great place to come either by yourself or with the family. Raise a family. I’m a testament to that. I’ve been in Abu Dhabi for over 12 years, and we truly appreciate and love what Abu Dhabi off ers us. A lot of this together drives that growth in AUM, which we see in ADGM today. ADGM recently attracted companies jointly managing $635 billion in AUM, and multiple large entities have decided to open offi ces there. What lessons can be drawn from ADGM’s ability to attract high-profi le players? A DG M has a dif ferent iated of fering , whether it’s the direct application of English common law, our progressive regulations or our service-oriented mindset. Client-centric tends to be a common thread that everyone tends to use, but at ADGM, that’s at the heart of what we do, and client service is at the heart of what we do. For us, it’s always been about that. It’s about ensuring that the clients get the best service when they come in. Whether that’s in terms of ensuring a smooth onboarding journey, they can speak to the regulators. In a By adopting English common law and having progressive regulations, we’ve managed to carve a niche for ourselves in the global fi nancial ecosystem FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 53FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 5303/03/2025 20:1303/03/2025 20:13IN CONVERSATION fi nancemiddleeast.com54 | March 2025 lot of jurisdictions, you can’t. Here, you can speak to the regulators, or regulators are very open to engaging with the community. They’ve got an onboarding journey. They have a relationship management team to manage the relationship going forward. We also have a team connecting them to the broader Abu Dhabi ecosystem. All of this makes it a very compelling off ering for a lot of the clients coming in, and over the last three years, we’ve seen this tremendous growth, as you rightly said, accentuated by what we saw in Abu Dhabi Finance Week. Just a quick segue also into Abu Dhabi Finance Week. Whilst we only ran the third edition of this event last year. It just gets bigger and bigger every year, and it’s becoming an event that many of my clients tell me is unmissable in the global fi nancial calendar. That also contributed materially to the value proposition that ADGM brings, which is our focus on community. ADGM has positioned itself as a leader in fi ntech and digital assets. What are the upcoming technological initiatives and partnerships that you believe will further bolster ADGM’s digital ecosystem? Fintech is something that’s been at the core, and innovation, in general, has been at the core of the regulatory framework that we’ve built. Our fi rst digital asset regulations came out in 2018, way before digital assets are what they are today. In this regard, our regulator, especially our fi nancial regulator, has been very progressive—and they’ve continued to be the way. We came out with an updated version of those regulations a couple of years ago, and late last year, they went out with another consultation paper to further update the regulations. This showcases that we’re willing to listen to the industry and embed the learnings that we’ve had from a very fast-growing sector in general. That is something that diff erentiates us. Today, we have built a very strong ecosystem of layers across the digital assets ecosystem. So be it investors in the space, exchanges in the space, intermediaries in the space or technology elements in the space, all of those are today in ADGM, and we continue to attract some of the best players globally into the jurisdiction. When it comes to fi ntech, this has been a strategic initiative for ADGM ever since it was conceptualised as a fi nancial centre. We have a tech lab and a reg lab with some of the region’s best ideas. We’ve given them an opportunity in a sandbox environment to test those ideas. Our regulators have helped them along the way by ensuring that they model their business in a manner that tomorrow can be regulated. So we are quite proud of the kind of names that have gone on. Today, many of these unicorns from the region have graduated from our tech lab. This is the nature of ADGM. And, you know, we continue to innovate. We continue to look at new ideas. There are few consultation papers that are out there in the regulatory space, and we continue, most importantly, to build the ecosystem where these players can come and truly thrive. Which sectors and regions do you see as key targets for future investment and expansion partnerships at ADGM? At ADGM, we are a full-service fi nancial district. And if you look at the growth that we’ve had over the last four years—the numbers are there for everyone to see. The AUMs have grown, but equally, so has the number of companies, the workforce, the tech companies, and the companies that have come in here and then got listed on ADX. So we’ve seen banks come in, fi nancial intermediaries and digital assets, which we spoke about. We’ve seen growth across the spectrum and continue to focus on that. We have a cluster-based strategy in terms of how we look at growth, and these are across all clusters. So we have asset management, new age f inance, traditional f inance and functional fi nance. We’ve seen growth across all of these clusters, and so we will continue to focus on ensuring that we build an ecosystem $635 B in AUM from 19 global financial institutions were announced at ADFW 2024 FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 54FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 5403/03/2025 20:1303/03/2025 20:13IN CONVERSATION fi nancemiddleeast.comMarch 2025 | 55 Arvind Ramamurthy of ADGM here for all of them to come and thrive. In terms of where we look at it from a geographic standpoint, we’ve seen interest coming into ADGM from all parts of the world. We’ve seen interest coming in, of course, from the US and UK, the traditional markets. But we’ve seen increasingly, a lot of interest coming in from Asia. We’ve seen Indian companies and Chinese companies come in here. What we off er today is this ecosystem that is culturally very diverse, but equally, that has very diverse ideas. You have an opportunity to come and express yourself and grow your business from Abu Dhabi servicing, of course, the very large market and the fi nancial institutions in the UAE and the GCC, as well as where people have global aspirations and global growth. vThey’re looking more and more at Abu Dhabi and ADGM as places where they can be successful. If there were one message you would like to convey to potential global investors and fi nancial institutions considering ADGM, what would it be? I have one thing to say. We’re open for business. Here’s an ecosystem where you can come in, set up, and then thrive. Scan the QR code to listen to the podcast FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 55FME_Mar2025_52-57_PODCAST_ADGM_13525697.indd 5503/03/2025 20:1303/03/2025 20:13fi nancemiddleeast.com56 | March 2025 AI Nazar Musa of Sovereign PPG By embracing innovaion and AI, Saudi Arabia is paving the way for a more sustainable and competitive economy that will continue to evolve as the digital landscape expands The Leap 2025 technology summit in Riyadh saw over $7.4 billion in investment commitments to enhance Saudi Arabia’s AI and data centre capabilities. Major announcements during the summit include DataVolt's $5 billion investment in a 1.5GW net- zero AI factory at Neom’s Oxagon complex. Saudi Arabia is becoming a global leader in artifi cial intelligence (AI), with platforms like the Leap Technology Summit transforming t he te chnolog y indus t r y by bringing Words by: Nazar Musa – CEO of Qatar and KSA at Sovereign PPG With the world shifting toward a digital-fi rst future, Saudi Arabia is set to be at the forefront of AI innovation together AI innovators and businesses, encouraging collaboration and sharing visions and plans for the development and growth of the industry. Alongside Leap 2025 and events of this nature, KSA’s groundbreaking $100 billion initiative, Project Transcendence, aims to transform the Kingdom’s technological landscape. Rivalling major global tech hubs like Silicon Valley and Singapore, Project Transcendence will position the Kingdom at the forefront of AI, data and analytics. This initiative is critical to Saudi Arabia’s ambitious Vision 2030 plan. It is a long- term strategy to diversif y its economy away from oil dependence and establish a sustainable, knowledge-based economy. By investing heavily in AI, the Kingdom is harnessing the power of digital innovation, creating new industries and opportunities. AI: A LEAP TOWARDS SAUDI ARABIA'S TRILLION DOLLAR ECONOMY FME_Mar2025_56-57_OP-ED SAUDI ARABIA_13545457.indd 56FME_Mar2025_56-57_OP-ED SAUDI ARABIA_13545457.indd 5603/03/2025 20:1403/03/2025 20:14fi nancemiddleeast.comMarch 2025 | 57 AI AIMING FOR GLOBAL TECH LEADERSHIP With an estimated budget of $100 billion, Project Transcendence will heavily invest in AI infrastructure, data centres and technology startups designed to create both domestic innovation and international competition. Saudi Arabia’s Project Transcendence's core focus is on AI breakthroughs. One of the most notable partnerships involves Alphabet’s Google, which, in collaboration with Saudi Arabia’s Public Investment Fund (PIF), is investing between $5 billion and $10 billion into AI projects. This collaboration will focus on developing Arabic- language AI models, a critical area given the region’s unique linguistic and cultural context. All these initiatives will, in turn, attract top- tier talent. Skilled professionals and experts in this fi eld who want to drive innovation in AI will start seeing Saudi as an increasingly attractive destination to live and work. HOW AI FITS INTO SAUDI ARABIA’S VISION 2030 AGENDA Saudi Arabia's push to lead in AI is a key component of its Vision 2030 agenda, aimed at diversifying the economy through technological innovation. AI is central to this transformation, with plans to integrate it across various industries, from healthcare to transportation, and position the Kingdom as a global AI exporter by 2030. The country is investing significantly in AI research, infrastructure and education to build a strong tech ecosystem. Saudi Arabia has already developed advanced AI technologies like language models, similar to global eff orts like OpenAI’s ChatGPT. Global companies are also heavily investing in the Kingdom, including Microsoft’s $2.1 billion in cloud infrastructure, Oracle’s $1.5 billion in the MENA region, and Huawei’s $400 million in cloud services. These investments and Project Transcendence solidify Saudi Arabia’s commitment to becoming a regional and global leader in AI and innovation. With the world shifting toward a digital-fi rst future, Saudi Arabia will be at the forefront of AI innovation. With continued investment in technology and innovation, the Kingdom will emerge as a leader in the global AI space, competing with some of the most established tech hubs in the world. By embracing innovation and AI, Saudi Arabia is paving the way for a more sustainable and competitive economy that will continue to evolve as the digital landscape expands, contributing towards its trillion-dollar economy. FME_Mar2025_56-57_OP-ED SAUDI ARABIA_13545457.indd 57FME_Mar2025_56-57_OP-ED SAUDI ARABIA_13545457.indd 5703/03/2025 20:1403/03/2025 20:14fi nancemiddleeast.com58 | March 2025 IN NUMBERS UAE commits $40 billion investment in Italy to strengthen bilateral ties Qatar expands $1 billion startup fund to boost innovation Saudi Arabia targets $1 trillion infrastructure investment by 2030 Bahrain EDB attracts over $380 million in investment commitments from Singapore Oman-listed OQEP issues $24 million guarantee for Marsa LNG project Kuwait sets out path for potential $65 billion of bond sales STATS FME_Mar2025_58_stats_13545566.indd 58FME_Mar2025_58_stats_13545566.indd 5803/03/2025 20:1503/03/2025 20:15Join the #1 financial centre to access more capital markets When you join the number one financial centre in the Middle East, Africa and South Asia, you benefit from DIFC’s proven world-class laws, regulations, infrastructure and unbeatable connections. Banks enjoy managing global deals and structuring financial transactions in a DIFC market that is approaching USD 1trn of activity. DIFC asset managers oversee over USD 720bn in AUM from private and public markets in the region. Over 900 regulated clients are amongst the 6,900 clients that are using DIFC as a catalyst for growth Join the number one: difc.ae/business/make-an-enquiry Untitled-8 1Untitled-8 102/03/2025 16:4302/03/2025 16:43Next >