ABU DHABI, Feb 27 (Reuters) - 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 ( BLK ) 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)