Ray Dalio set to open branch of family office in Abu Dhabi

Ray Dalio set to open branch of family office in Abu Dhabi

Ray Dalio plans to set up a branch of his family office in Abu Dhabi, part of the hedge fund billionaire’s deeper push into the Middle East. The Bridgewater Associates founder has cultivated a close relationship with the UAE leadership over several decades and the new setup in the country’s capital builds upon the Dalio Family Office’s existing hubs in the US and Singapore. The new office will be located in Abu Dhabi Global Market (ADGM), the international financial free zone in the city, which has wooed a cadre of big hedge funds, venture capital firms and crypto companies this past year. Plans are underway to bring in a team of experienced investment professionals to lead the arm of the family office, said the people, who requested anonymity as the matter is private. As part of his push into the Middle East, Dalio is also exploring a broader investment partnership with Group 42, the artificial intelligence firm chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed. One of their joint initiatives is a project to help develop Indonesia’s new capital. Dalio, whose net worth is estimated to be more than $16bn, joins an expanding list of wealthy individuals who