Multi-manager hedge fund Symmetry Investments has received regulatory approval to operate in Dubai, becoming the latest alternative investment firm to establish a presence in the UAE despite heightened geopolitical tensions in the region, according to a report by Bloomberg.
The report cites Dubai Financial Services Authority (DFSA) records as showing that the firm has been granted a licence to operate from the Dubai International Financial Centre (DIFC). Faisal Butt, previously with Brevan Howard, has been appointed as Symmetry’s Senior Executive Officer in the emirate.
Symmetry was founded in 2014 by Feng Guo following his departure from Millennium Management and has since built an international footprint with offices in financial centres including London and Hong Kong.
The approval adds to a growing list of hedge fund managers expanding into Dubai. Firms have continued to establish regional operations, attracted by the emirate’s business-friendly regulatory environment, favourable tax regime and access to institutional and sovereign wealth capital across the Gulf.
Citadel is among the major hedge fund firms to have recently secured approval to operate in Dubai as the UAE continues to position itself as a leading hub for global asset managers.
The expansion trend has continued despite concerns that escalating conflict between the US and Iran could disrupt business activity across the region. Industry participants have largely maintained confidence in the UAE’s role as an international financial centre, while regulators have sought to provide operational flexibility to firms navigating any regional disruption.
The DIFC has continued to report strong growth in new entrants. During March, 258 companies established a presence in the financial centre, representing a 59% increase compared with the same month a year earlier. Overall, 775 new firms launched operations in the DIFC during the first quarter, underscoring continued demand from international financial institutions.
Although geopolitical risks remain elevated following renewed exchanges between the US and Iran and ongoing concerns over shipping through the Strait of Hormuz, the latest licence approval suggests global hedge fund managers continue to view Dubai as a strategic base for serving investors across the Middle East and beyond.
