US-based billionaire investor and hedge fund founder Ray Dalio is reportedly planning to open a family office in Abu Dhabi.
The new branch will be based in Abu Dhabi Global Market, one of the emirate’s international financial free zone.
According to a Bloomberg report, the plan is part of a push into the Middle East for the Dalio Family Office, which has existing hubs in the US and Singapore.
Dalio, the founder of global hedge fund Bridgewater Associates, is estimated to be worth more than US$16 billion.
Both Abu Dhabi and Dubai have made concerted efforts to attract global hedge funds to their shores.
The Dubai International Finance Centre is reportedly in talks with 50 international hedge funds and is planning to offer reduced capital requirements and licensing fees.
And in February, Jersey-based hedge fund Brevan Howard opened an office in Abu Dhabi.
Other hedge funds that have been set up in the UAE in the last two years include UK-based Florin Court Capital, Balyasny Asset Management, BlueCrest Capital Management and Exodus Point Capital Management.
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