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NEW YORK: Ray Dalio plans to open a branch of his family office in Abu Dhabi, as part of the hedge fund billionaire’s push into the Middle East.
The Bridgewater founder has cultivated close ties to the United Arab Emirates (UAE) leadership for 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 sources. above.
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.
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.
Dalio, whose net worth is estimated at more than US$16 billion (RM71 billion), joins the list of wealthy individuals who have set 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. –Bloomberg
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