Abu Dhabi Claims $100 Billion in AI Capital, But Where Is It?
Abu Dhabi Global Market (ADGM) boasts over $100 billion in Artificial Intelligence (AI)-focused capital in its first-half results. However, the announcement presents a dilemma: is this money held within the financial center or spent externally?
The report credits MGX, a state-backed fund, with roughly half of the total, reaching $49 billion at its July close. But ADGM also cites RIQ’s memorandum of understanding with Swiss Re on AI-enabled reinsurance and Bluefive Capital as part of this category.
The key distinction lies in whether the capital is invested or merely registered within ADGM. While a reinsurance agreement is a significant feat for a financial hub, it differs from direct investments in compute resources or model development companies.
Without a clear breakdown, verifying the $100 billion figure against specific assets becomes challenging. The 54% growth in assets under management, reported without an absolute total, further complicates comparisons with other centers.
Despite this, ADGM’s expansion is notable, with over 50,000 employees and a growing number of fund managers establishing or expanding their presence there, including Bain Capital, Blue Owl, Man Group, Barings, and Capital Group.