Dubai has growth as an emerging hub for hedge funds comtinues unabated, with some of the world’s largest firms, including Millennium Management and Balyasny Asset Management, helping push the industry’s headcount in the emirate to over 1,000, according to a report by Bloomberg.
While Dubai’s hedge fund workforce remains small compared to major financial centres in North America and Europe, where hedge funds employ nearly 100,000 people, the city’s numbers have steadily increased, according to data from its financial free zone, the Dubai International Financial Centre (DIFC).
Beyond hedge funds, the DIFC has seen a broader surge in employee numbers, with a 66% increase since 2019 taking total number of workers to around 44,000. The financial hub is also expecting a record number of firms to establish operations this year and is constructing three new office towers to accommodate the growing demand.
Dubai and the wider United Arab Emirates (UAE) have emerged as magnets for hedge funds in recent years, thanks to various incentives, favourable time zones, and a low-tax environment. Major players like Izzy Englander’s Millennium, Michael Platt’s BlueCrest Capital Management, and Balyasny have all expanded their presence in Dubai.
Millennium, which manages $68.8bn in assets, has been particularly aggressive in its expansion since obtaining a license in 2020, and now employs close to 100 people in the emirate. Balyasny meanwhile, is planning to double its current workforce of 12, and Schonfeld Strategic Advisors has grown to over 30 employees, with plans to move into a new office capable of accommodating 80 people by November.
Neighboring Abu Dhabi has also drawn significant attention from hedge funds. With its sovereign wealth funds managing $1.5tn, the city has attracted major firms including Brevan Howard Asset Management, which now manages more money from Abu Dhabi than from anywhere else globally.
