- Ray Dalio, the billionaire hedge fund manager and founder of Bridgewater Associates, is expanding his family office's presence to the Middle East and setting up a branch in Abu Dhabi. Dalio has fostered a strong relationship with the UAE leadership over many years, and this new office in the country's capital city will complement his family office's existing hubs.
- The new office will be established in the Abu Dhabi Global Market (ADGM), an international financial free zone, which has recently attracted numerous big hedge funds, venture capital firms, and crypto companies. The family office plans to bring in a team of experienced investment professionals to lead the new office. As part of its expansion into the Middle East, Dalio is also considering a wider investment partnership with Group 42, an artificial intelligence firm chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed.
Why it matters
Over the last two years, several hedge funds have been attracted to Dubai for its low taxes, international connectivity, and comfortable lifestyle. Abu Dhabi, which is home to sovereign wealth funds managing over $1 trillion, has also attracted well-known investment firms such as Brevan Howard Asset Management. Both emirates are actively seeking to attract more investment firms, with Dubai's financial center currently in discussions with over 50 companies. However, they face competition from Saudi Arabia, their larger neighbor, who is also vying for the status of being the region's primary business hub.