Ray Dalio is setting up a branch of his family office in Abu Dhabi, part of the hedge fund billionaire’s deeper push into the Middle East.
(Bloomberg) — Ray Dalio is setting up a branch of his family office in Abu Dhabi, part of the hedge fund billionaire’s deeper push into the Middle East.
The Bridgewater Associates founder has cultivated a close relationship with the United Arab Emirates leadership over several decades and the new setup in the country’s capital builds upon the Dalio Family Office’s existing hubs in the US and Singapore, according to people familiar with the matter.
The new office will be located in Abu Dhabi Global Market, the international financial free zone in the emirate, which has wooed a cadre of big hedge funds, venture capital firms and crypto companies this past year.
Plans are underway to bring in a team of experienced investment professionals to lead the arm of the family office, said the people, who requested anonymity as the matter is private.
“I have had more than 30 years of meaningful work and meaningful relationships with the people and leadership in Abu Dhabi which has led me to like and admire them greatly,” Dalio said in a statement. “Abu Dhabi is also becoming a hub for many exciting developments in the region, including across the UAE and in Saudi Arabia.”
As part of his push into the Middle East, Dalio is also exploring a broader investment partnership with Group 42, the artificial intelligence firm chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed, the people said. One of their joint initiatives is a project to help develop Indonesia’s new capital, the people said.
Dalio, whose net worth is estimated to be more than $16 billion, joins an expanding list of wealthy individuals who are setting up offices in the UAE.
Read More: Balyasny Joins Millennium, BlueCrest in Hedge Fund Push to Dubai
A number of hedge funds have flocked to Dubai in the past two years, drawn by the city-state’s low taxes, international connectivity and comfortable lifestyle. Neighboring Abu Dhabi, home to sovereign wealth funds overseeing more than $1 trillion, has attracted its own share of big names, including Brevan Howard Asset Management.
Both emirates are in active discussions to lure additional investment firms to the country. Dubai’s financial center said in February that it is in talks with more than 50 firms having already drawn industry heavyweights such as Millennium Management and ExodusPoint Capital Management.
That coincides with increasing competition from Saudi Arabia, the UAE’s bigger neighbor, over the nation’s status as a regional business hub. As part of Saudi Crown Prince Mohammed bin Salman’s efforts to wean the kingdom off oil revenue, it is pushing foreign firms to move their headquarters to Riyadh or risk losing government contracts.
Dalio, 73, is building out his family office as he steps back from Bridgewater, which he founded in 1975. The world’s largest hedge fund is now led by Chief Executive Officer Nir Bar Dea.
The Dalio Family Office helps handle the billionaire’s private investments as well as his philanthropic donations. Among those causes is ocean exploration, which he supports through his nonprofit OceanX.
–With assistance from Stefania Bianchi.
(Adds comment from Dalio in fifth paragraph.)
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