The Abu Dhabi Global Market (ADGM) has welcomed another overseas alternatives firm as the UAE continues to court global hedge funds.
Chinese private equity firm CMC Capital has opened an office in the ADGM, marking its entry into the Mena market.
The firm was founded by Chinese media mogul Li Ruigang and currently has US$2.5 billion in assets under management.
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According to Bloomberg, CMC Capital registered an entity within the ADGM this week and listed Lee Wei Choy and Jianan Wu as directors.
Both Abu Dhabi and Dubai have made a concerted effort in the last 12 months to attract more hedge funds and alternatives firms to their shores.
In addition there has also been an influx of high net worth individuals to Abu Dhabi, including hedge fund billionaire Ray Dalio, crypto impressario Zhao Changpeng and the wealthy Adani family from India.
The move comes a day after Chinese venture capital firm MSA Partners announced plans to launch a $1 billion fund to invest in Mena-based startups.