Ray Dalio Is Planning to Open a Family Office Branch in Abu Dhabi

Ray Dalio Is Planning to Open a Family Office Branch in Abu Dhabi

Ray Dalio intends to establish an affiliate of his family company in Abu Dhabi as part of his broader drive into the Persian Gulf region. 

According to sources familiar with the matter, the founder of Bridgewater Associates has cultivated an ongoing connection with the leadership of the United Arab Emirates over the course of several decades, and the new Dalio Family Office center in the country's capital complements the existing operations in the United States and Singapore. 

The new office will be situated at Abu Dhabi Global Market, the emirate's international financial free zone, which has attracted a number of large hedge funds, venture capital firms, and cryptocurrency companies over the past year. 

According to the people, who requested confidentiality because the matter is private, plans are afoot to recruit a team of seasoned investment professionals to oversee the family office's investment arm. 

As a component of his push into the Middle East, Dalio is investigating a broader investment collaboration with Group 42, the artificial intelligence company led by UAE Homeland Security Adviser Sheikh Tahnoon bin Zayed, according to people familiar with the matter. People stated that one of their collaborative initiatives is a project to help develop Indonesia's new capital.

Dalio, whose estimated net worth exceeds $16 billion, joins a growing number of affluent individuals who are establishing offices in the UAE. 

Balyasny Joins Millennium and BlueCrest in Dubai Hedge Fund Push

In the past two years, numerous hedge funds have migrated to Dubai, attracted by the city-state's low taxes, international connectivity, and comfortable lifestyle. The neighboring city of Abu Dhabi, which is home to sovereign wealth management companies that manage more than $1 trillion, has also attracted a number of prominent firms, including Brevan Howie Asset Management.

Both emirates are actively negotiating to attract more investment firms to the country. In February, Dubai's financial center announced that it is in negotiations with more than 50 companies, including industry heavyweights Millennium Management and ExodusPoint Capital Management.

This coincides with increasing rivalry from Saudi Arabia, the UAE's larger neighbor, for its status as a regional business center. As part of Saudi Crown Prince Mohammed bin Salman's efforts to wean the kingdom off oil revenue, foreign companies are being pressured to relocate their headquarters to Riyadh or risk losing contract work to the government. 

Dalio, 73, is constructing his family office as he exits Bridgewater, the firm he founded in 1975. Nir Bar Dea is the current CEO of the largest hedge fund in the world.

The Dalio Family Office assists with the billionaire's private investments and charitable contributions. Ocean exploration is one of the causes he supports through his nonprofit organization, OceanX.


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