Dubai’s growing commodities hub attracts London traders

Dubai’s growing commodities hub attracts London traders

London’s commodities merchants are following some of their Swiss peers to Dubai, which has long tried to attract more commodities companies, investing in banking infrastructure and developing exchange-traded futures. While London has a much bigger commodities presence, more energy traders are now moving or expanding from the UK capital to Dubai. They’re being enticed by the growing pool of merchant counterparts and low taxes at a time when traders themselves are raking in unprecedented bonuses. Dubai also offers other lifestyle perks, something that’s becoming increasing important to attract top talent. In the past year, Hartree Partners LP and Freepoint Commodities LLC are among those to move energy traders and senior executives to Dubai, according to people familiar with the matter who asked not to be identified. It shows how historic trading centers like London are starting to lose out to the emirate’s growing appeal. It’s also part of a broader boom in Dubai and the UAE, which is benefiting from an influx of foreign wealth. The arrival of crypto millionaires and bankers relocating from Asia have boosted property prices. “We have seen well-known hedge funds recently open offices in Dubai as well as independent commodities merchants,” said Jonathan Funnell, a