- Dubai’s financial center has been discussing establishing a business hub in the Middle East.
- More than 50 hedge funds were included in the discussion where they planned to attract business titans.
- Essa Kassim told that Dubai is a favorable space for hedge funds.
According to recent reports, Dubai’s financial center has been discussing with more than 50 hedge funds to establish a business hub in the Middle East by attracting the business titans including the investment management company Millennium Management and the global investment management firm ExodusPoint Capital Management.
Notably, Dubai has been emerging as a highly favorable destination for businessmen especially due to the easiness of business, tax-free status, and its key role in promoting travel and tourism.
Significantly, on Monday, Essa Kassim, the Governor of the Dubai International Financial Centre (DIFC) commented that the hedge fund sector grows abundantly:
“One space that has been growing very fast is the hedge fund sector. The backlog for that industry is big and it’s growing and it’s one of the sources of our growth actually.”
Further, Salmaan Jaffery, the Chief Business Development Officer of DIFC told that the organization would “continue to not only authorize them, but we continue to engage them globally”, referring to the hedge funds.
In addition, Jaffery told that the hedge funds which actively participate in obtaining a DIFC license jointly manage over $1 trillion worth of assets, though he was reluctant to reveal the names of the hedge funds.
As per the reports, the revenue in 2022 has acquired a record high of 1.06 billion dirhams, which is equivalent to $288.6 million, as a result of the sudden increase in the newly registered companies.
The report also highlighted DIFC’s efforts in offering lower licensing fees and capital requirements for the hedge funds to be viewed as domestic funds. Also, the organization provides a comfortable platform rich with efficient individuals and institutional investors.
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