Dubai’s DIFC to bring 50 hedge funds to Middle East
DIFC is offering reduced licensing fees and capital requirements for hedge funds, which have a domestic fund in the region.
Dubai International Financial Centre (DIFC) is in talks to bring 50 more hedge funds to the Middle East, Governor of DIFC Essa Kazim said. The hedge funds will help create a business hub in the region.
For this, DIFC has reduced licensing fees and capital requirements for hedge funds that run domestic funds.
According to a Gulf Business report, Kazim mentioned that while the hedge fund industry is growing at a fast pace, there is still a big backlog that needs to be addressed.
In November 2022, Bloomberg reported that LMR Partners, a $9.8 billion hedge fund, was opening its branch in Dubai.
Post the pandemic, DIFC noted that its revenue saw a sharp increase, clocking $288.6 million as new companies registered with it.
In January 2023, Reuters reported that international investors focused on distressed debt were looking at the Gulf region due to growth in the non-oil private sector.
The UAE has been promoting the growth of hedge funds and alternative investment companies in its financial hubs, such as Abu Dhabi Global Market (ADGM) and DIFC.
In August 2022, Zawya reported that hedge fund manager Florian Court Capital partnered with Abu Dhabi Investment Office (ADIO) to start a trading, operations, and research centre in ADGM.
US-based hedge fund Balyasny Asset Management was also reportedly looking at starting operations in Dubai during the first quarter of 2023.
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Edited by Suman Singh