The Dalio Family Office will be located at the Abu Dhabi Global Market. Photo: ADGM
The Dalio Family Office will be located at the Abu Dhabi Global Market. Photo: ADGM
The Dalio Family Office will be located at the Abu Dhabi Global Market. Photo: ADGM
The Dalio Family Office will be located at the Abu Dhabi Global Market. Photo: ADGM

Business

Ray Dalio: Founder of world’s largest hedge fund sets up family office in Abu Dhabi

Move by Bridgewater Associates founder builds on a 30-year relationship with the UAE

Massoud A Derhally
Massoud A Derhally

April 19, 2023

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Ray Dalio, the billionaire founder of Bridgewater Associates, the world's largest hedge fund, is establishing a branch of his family office in Abu Dhabi, as part of his expansion in the Middle East.

The Dalio Family Office will be located in the Abu Dhabi Global Market and builds on a 30-year relationship between Mr Dalio and the UAE, the financial centre announced on Wednesday.

The DFO supports the Dalio family in their ventures and investments, as well as their work through Dalio Philanthropies.

Bridgewater Associates, which was founded by Mr Dalio in 1975, manages more than $150 billion in assets. Mr Dalio has a net worth of $16.2 billion and is ranked 108th on the list of the world's richest people, according to the Bloomberg Billionaires Index.

“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,” Mr Dalio said.

“Abu Dhabi is also becoming a hub for many exciting developments in the region, including across the UAE and in Saudi Arabia. For these reasons, I am thrilled to make Abu Dhabi a home for the Dalio Family Office.”

In addition to overseeing Dalio family investments and philanthropic efforts, the Abu Dhabi family office will also manage strategic partnerships around areas of common interest such as ocean exploration, the ADGM said.

The DFO will complement the growth of ADGM, with the aim of building strategic long-term partnerships with key stakeholders in Abu Dhabi.

The DFO, which also has a presence in the US and Singapore, aims to contribute “to the long-term growth” of the wider Middle East region, the financial centre said.

The ADGM grew assets under management by 56 per cent last year as it welcomed more businesses and expanded its workforce, retaining its status as one of the fastest-growing financial centres in the Mena region.

Total active licences at the financial free zone increased 30 per cent annually to 5,546, including permits for both financial services and non-financial companies, while ADGM Square’s workforce rose by about 29 per cent annually to 10,954.

The number of operational entities within the ADGM also increased 30 per cent to 1,378.

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While you're here
Closing the loophole on sugary drinks

As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.

The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
 

Not taxed:

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Updated: April 19, 2023, 11:53 AM
FinanceUSUAEAbu Dhabi