Dubai and Abu Dhabi are receiving rare endorsements from several traditionally discreet hedge fund firms, including Millennium Management, as the Middle East conflict rattles the region’s financial landscape, according to a report by Bloomberg.

Millennium Management reaffirmed its commitment to Dubai in an internal communication, noting that it is exploring relocation options for employees who prefer to work elsewhere but intends to maintain its office in the city. CEO Jean-Luc Roghe highlighted Dubai’s enduring appeal as a regional financial hub and emphasised support for staff building their careers locally.

Similarly, Hudson Bay Capital Management and Verition Fund Management have stressed the long-term prospects of the UAE. Hudson Bay recently established an Abu Dhabi office in addition to its Dubai operations, while Verition extended its Dubai lease by five years and signalled plans to expand its regional presence.

The statements stand out in an industry where discretion is the norm. Hedge funds have increasingly used the UAE to access deep pools of institutional and private wealth: Abu Dhabi houses the $1.1tn Abu Dhabi Investment Authority, while Dubai hosts family offices managing over $1tn in private assets.

However, Iran’s missile and drone attacks have temporarily unsettled some employees, prompting firms to offer remote working arrangements or relocation options to Oman and Saudi Arabia. Despite these challenges, most operations continue, with offices adapting to hybrid work and retail and services remaining open.