Dubai: Private credit lender Blue Owl Capital is formalizing plans to open an office and hire a team in Dubai to focus on capital raising, according to a person with knowledge of the matter.
The move is a stepping stone toward a broader Middle Eastern presence, said the person, who asked not to be identified as the details are private.
The plans come on the heels of a $1 billion commitment from Abu Dhabi wealth fund Mubadala Investment to Blue Owl’s technology lending strategy. It’s the latest in a series of private credit investments from the region, which is becoming an increasingly important player in the $1.5 trillion market.
A spokesperson for New York-based Blue Owl declined to comment.
The Abu Dhabi Investment Authority has provided anchor capital commitments to managers including AGL Credit Management, Apollo Global Management and Jefferies Financial Group for credit investing. Meanwhile, Mubadala formed an joint venture with Ares Management Corp. to acquire direct-lending secondary stakes and it plans to buy a majority stake in Fortress Investment Group, a private credit and equity manager.
Blue Owl’s new Middle East office will add to the nearly dozen locations around the globe where the firm already has a presence including Hong Kong, London, Singapore and Tokyo.
