UAE News Today : Business

Several new hedge funds established in DIFC

Dubai International Financial Center (DIFC)the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, confirmed today that record numbers of hedge funds continue to be established at the Centre, boosting Dubai’s reputation as the industry’s premier location in the region.

In the last three months alone, the DFSA, DIFC’s independent regulator, has licensed many additional world-renowned hedge funds, including Asia Research Capital Management, Brevan Howard, Carrhae Capital, Cresen Capital, Lighthouse Partners, Merlyn Advisors, Noventa Capital . Qube Management and Research Technologies. Blue Owl Capital and Walleye Capital also recently completed their registrations.

The migration of hedge funds to the DIFC from other global and regional centers reinforces Dubai’s reputation as the region’s leading financial center and business capital. It also reflects the emirate’s ability to attract top talent and provide access to large concentrations of public and private capital. Dubai has the highest concentration of wealth of any city in the Middle East, with more than 68,400 people owning more than $1 million of investable wealth, triple that of any other city in the region. Additionally, $4.7 trillion of capital is managed by Middle Eastern state investors and Dubai is considered a neutral territory for investment management.

The rapid growth of the sector is attracting diverse business models, large, medium and small managers, and technological platforms, and is also helping to deepen local intermediation and marketing capabilities.

Salmaan Jaffery, Business Development Director, DIFC Authoritysaying,

“DIFC is pleased to welcome our new hedge fund clients to the Centre, continuing our remarkable growth as a rising global center for hedge funds and undoubtedly the largest hedge fund market in the world. region. “Our new clients will manage and grow their businesses by attracting top global talent and leveraging deep pools of public and private capital accessible in and from Dubai.”

Earlier this year, DIFC confirmed it had attracted hedge funds including Hudson Bay Capital, King Street, Balyasny Asset Management and Verition Fund Management LLC. In 2022, DIFC saw a 54 per cent increase in the total number of hedge funds established within the Centre. About two-thirds of DIFC-based hedge funds come from the US and UK, including two of the world’s ten largest hedge funds.

DIFC was also the first financial center in the UAE to enter into an agreement with AIMA (Alternative Investment Management Association), the pre-eminent voice of the global alternative investment industry, representing over 2,100 corporate members with more of $2.5 trillion in hedge funds and/or private credit assets. .

News source: Emirates News Agency

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