Hedge fund billionaire Ray Dalio is setting up a branch of his family office, which helps handle Dalio’s private investments as well as his donations, in Abu Dhabi as part of his push into the Middle East.
The office will be located in Abu Dhabi Global Market, the international financial free zone in the emirate. Dalio, who founded Bridgewater Associates, has worked to cultivate a relationship with the United Arab Emirates leadership over several decades, and the new branch in the country’s capital looks to build upon the Dalio Family Office’s existing hubs in the U.S. and Singapore, according to Bloomberg News.
As part of his push into the Middle East, Dalio is also exploring an investment partnership with Group 42, an artificial intelligence firm chaired by UAE National Security adviser Tahnoon bin Zayed, Bloomberg reported, and one of their joint initiatives is reportedly to help develop Indonesia’s new capital.
“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,” Dalio said in a statement, according to Bloomberg. “Abu Dhabi is also becoming a hub for many exciting developments in the region, including across the UAE and in Saudi Arabia.”