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(Bloomberg) — Ray Dalio plans to open a branch of his family office in Abu Dhabi, part of the hedge fund billionaire’s deeper foray into the Middle East.
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The Bridgewater founder has cultivated close ties to the United Arab Emirates leadership over decades, and the new facility in the country’s capital builds on the Dalio family office’s existing centers in the U.S. and Singapore, according to people familiar with the matter. .
The new office will be based in Abu Dhabi Global Market, the UAE’s international financial free zone, which has attracted a number of large hedge funds, venture capital firms and cryptocurrency firms over the past year.
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.
Dalio is also exploring a broader investment partnership with Group 42, an artificial intelligence firm led by Emirati national security adviser Sheikh Tahnoon bin Zayed, the people said. One of their joint initiatives is to help develop projects in Indonesia’s new capital, the people said.
With an estimated net worth of more than $16 billion, Dalio joins the list of wealthy individuals who have set up offices in the UAE.
Read more: Balyasny pushes hedge fund to Dubai with Millennium, BlueCrest
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. Among these causes is ocean exploration, which he supports through his non-profit organization OceanX.
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