Bridgewater Associates Founder, Ray Dalio, is setting up a branch of his family office in Abu Dhabi as part of his venture in the Middle East.
The world’s largest hedge fund’s office will be located in the Abu Dhabi Global Market, the international financial free zone in the emirate and builds on a 30-year relationship between Mr. Dalio and the UAE.
Dalio is also said to be exploring a broader investment partnership with Group 42, the AI firm chaired by the UAE National Security Adviser Sheikh Tahnoon Bin Zayed, with one of their joint initiatives being a project to develop Indonesia’s new capital.
Bridgewater Associates was founded by Mr. Dalio in 1975 and manages over $150 billion in assets. He has a net worth of $16.2 billion and is ranked 108th on the list of the world’s richest people, according to the Bloomberg Billionaires Index.
“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,” Mr Dalio said. “Abu Dhabi is also becoming a hub for many exciting developments in the region, including across the UAE and in Saudi Arabia. For these reasons, I am thrilled to make Abu Dhabi a home for the Dalio Family Office.”
The Abu Dhabi Office will be overseeing the family’s investments and philanthropic efforts as well as managing strategic partnerships around areas of common interest such as ocean exploration, the ADGM said.
The DFO, which also has established offices in the US and Singapore, aims to contribute “to the long-term growth” of the wider Middle East region, the financial centre said.
The ADGM welcomed more businesses in the past year and managed to grow assets under management by 56%. It has also expanded its workforce, retaining its status as one of the fastest growing financial centres in the Mena region. Total active licenses at ADGM increased 30% annually to 5,546, including permits for financial services and non-financial companies and ADGM Square’s workforce rose by about 29% annually to 10,954.