[ad_1]
Ray Dalio plans to open a branch of his family office in Abu Dhabi as part of the hedge fund billionaire’s deeper foray into the Middle East.
The Bridgewater founder has forged close ties to the UAE leadership over decades, and the new facility in the nation’s capital builds on the Dalio family office’s existing centers in the U.S. and Singapore.
The new office will be located in the Abu Dhabi International Financial Free Zone Abu Dhabi Global Market (ADGM), which has attracted a number of large hedge funds, venture capital firms and cryptocurrency firms over the past year.
#ADGM Welcome the Dalio family office to the capital. Expand its global reach and build strategic partnerships. They will oversee investments and philanthropy in the region. #ADGM #DalioFamilyOffice pic.twitter.com/SEuxmIVsM5
— Abu Dhabi Global Market (@ADGlobalMarket) April 19, 2023
Plans are underway to bring in a team of experienced investment professionals to lead the family office’s division, said the people, who asked not to be identified because the matter is private.
As part of its push into the Middle East, Dalio is also exploring a broader investment partnership with Group 42, an artificial intelligence company chaired by UAE national security adviser Sheikh Tahnoon bin Zayed. One of their joint initiatives is to help develop a project for Indonesia’s new capital.
With an estimated net worth of more than $16 billion, Daario joins a growing list of wealthy individuals setting up offices in the UAE.
Many hedge funds have flocked to Dubai over the past two years, attracted by the city-state’s low taxes, international connectivity and comfortable lifestyle. Neighboring Abu Dhabi is home to various sovereign wealth funds, attracting big names including Brevan Howard Asset Management.
The Dalio family office helps handle the billionaire’s private investments as well as his charitable giving.
read: Hub71 launches capital club for family offices in Abu Dhabi
[ad_2]
Source link