Key Takeaways
- • Jain Global is planning to open a presence in Dubai, joining Millennium, Point72, and Balyasny in the city, according to Financial News London.
- • The move reflects a broader hedge fund rush into the Middle East, with the number of hedge funds in the region reportedly rising from around 50 at the start of 2024.
- • Dubai International Financial Centre (DIFC) is planning a new funds centre in Q1 2025 to support further activity.
- • Citadel, which manages $72bn, has announced plans to open a Dubai office, while Dymon Asia is planning to double its Dubai headcount.
- • Hedge funds have publicly backed the UAE's role as a financial hub despite the regional conflict, though some firms, including Millennium, have explored relocating Dubai staff to Jersey.
Summary
Jain Global, the global multi-strategy investment firm, is planning to set up a presence in Dubai as hedge funds increasingly flock to the Middle East, according to Financial News London reporter Bilal Jafar. The firm is set to join Millennium, Point72, and Balyasny in the city.
The expansion reflects a broader trend. Publisher reporting indicates the number of hedge funds operating in the Middle East has risen sharply, from around 50 at the start of 2024. The Dubai International Financial Centre (DIFC) is positioning itself to support further growth and is set to open a new funds centre in the first quarter of 2025.
Other managers are also expanding in the UAE. Hedge fund Citadel, which manages $72bn, announced plans to open an office in Dubai in December, while Singapore-based multi-strategy firm Dymon Asia is planning to double its headcount in Dubai.
The activity comes despite regional instability. Hedge funds have issued public statements backing the UAE's role as a financial hub amid the war in the Middle East. Separately, Millennium Management has explored moving some Dubai-based employees to the tax-friendly jurisdiction of Jersey for staff who do not want to return to Dubai. Jain Global's move to Millennium previously gave it access to a much larger and more stable source of capital, according to publisher reporting.
The expansion reflects a broader trend. Publisher reporting indicates the number of hedge funds operating in the Middle East has risen sharply, from around 50 at the start of 2024. The Dubai International Financial Centre (DIFC) is positioning itself to support further growth and is set to open a new funds centre in the first quarter of 2025.
Other managers are also expanding in the UAE. Hedge fund Citadel, which manages $72bn, announced plans to open an office in Dubai in December, while Singapore-based multi-strategy firm Dymon Asia is planning to double its headcount in Dubai.
The activity comes despite regional instability. Hedge funds have issued public statements backing the UAE's role as a financial hub amid the war in the Middle East. Separately, Millennium Management has explored moving some Dubai-based employees to the tax-friendly jurisdiction of Jersey for staff who do not want to return to Dubai. Jain Global's move to Millennium previously gave it access to a much larger and more stable source of capital, according to publisher reporting.
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