The Bridgewater Associates founder has cultivated a close relationship with the United Arab Emirates (UAE) leadership over several decades and the new set-up in the country’s capital builds upon the Dalio Family Office’s existing hubs in the United States and Singapore, according to sources. — Bloomberg
NEW YORK: Ray Dalio plans to set 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 (UAE) leadership over several decades and the new set-up in the country’s capital builds upon the Dalio Family Office’s existing hubs in the United States and Singapore, according to sources.
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.
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.
One of their joint initiatives is a project to help develop Indonesia’s new capital.
Dalio, whose net worth is estimated to be more than US$16bil (RM71bil), joins an expanding list of wealthy individuals who are setting up offices in the UAE.
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. —Bloomberg
