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.