(Bloomberg) — Abu Dhabi Global Market, an international financial center based in the capital of the United Arab Emirates, has laid off at least 35 employees, mainly expatriates, people familiar with the matter said.
Most of the cuts in recent weeks were in the strategy and business development teams, where revenue failed to meet expectations, the people said, asking not to be identified as the matter is private. The layoffs included ADGM’s strategy chief, they said.
ADGM Authority Chief Executive Officer Mark Cutis has also left the financial center after less than a year in the role, people with direct knowledge of the matter told Bloomberg last month.
“With our new board of directors in place, ADGM recently completed a strategic review,” a spokesperson said. As part of the changes, ADGM is in the process of hiring in areas including crypto, according to two of the people.
Over the past year, ADGM has continued its push to lure more financial technology companies to Abu Dhabi, a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital. State-owned firms have also expanded rapidly over the past decade, offering high salaries that have made the city appealing for expatriates.
The free zone rolled out a virtual asset regulatory framework and has held talks with cryptocurrency exchanges, including Binance Holdings Ltd., that are looking to expand their presence in the country.
Entities including Switzerland’s SEBA Bank and Thailand’s PTT have recently opened offices at ADGM, whose client base grew 42% to over 4,000 in 2021. The workforce at Al Maryah Island, where ADGM is based, grew 10% to more than 18,000 last year.
(Updates with details on ADGM in last paragraph)
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