Ray Dalio set to open branch of family office in Abu Dhabi
Dalio joins an expanding list of wealthy individuals who are setting up offices in UAE
Abu Dhabi: 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’ 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.
As part of his push into the Middle East, Dalio is also exploring a broader investment partnership with Group 42, the artificial intelligence firm, 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.
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 various sovereign wealth funds, has attracted its own share of big names, including Brevan Howard Asset Management.
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.