Over 50 hedge funds are currently in discussion with Dubai’s financial centre over establishing a presence in the Middle East business hub after a number of the sector’s big beasts, including Millennium Management and Exodus Point Capital, opened operations in the Dubai International Finance Centre, according to a report by Bloomberg.
Over 50 hedge funds are currently in discussion with Dubai’s financial centre over establishing a presence in the Middle East business hub after a number of the sector’s big beasts, including Millennium Management and Exodus Point Capital, opened operations in the Dubai International Finance Centre (DIFC), according to a report by Bloomberg.
The report cites DIFC chief business development office Salmaan Jaffery as revealing that the funds actively seeking a DIFC license, jointly manage over $1 trillion in assets.
Dubai’s tax-free status, reputation as a global travel hub, and convenient geographic location for global managers operating across North America, Europe, and Asia, have a made it a big draw for big hedge funds with Izzy Englander’s Millennium having grown its headcount in the city to about 30 since securing a license in 2020. ExodusPoint Capital meanwhile, one of the largest multi-strategy hedge funds in the world, registered in the DIFC in June.
The DIFC is currently offering reduced licensing fees and capital requirements to managers for hedge funds domiciling a domestic hedge fund in the city.
