Dubai, a magnet for hedge funds, could be a gateway to the Middle East for Hong Kong businesses, officials say
- There has been an influx of businesses applying for licences to set up office in Dubai, local regulator says
- The emirate wants more partnerships with Hong Kong: Dubai government official
Low taxes, supportive regulatory frameworks, technological innovation and a quality talent pool have made Dubai an attractive home for a growing number of hedge funds, according to two Dubai officials. These attributes could help the emirate act as a gateway to the Middle East for Hong Kong businesses.
The comments came during a webinar on Thursday by Refinitiv and the Dubai International Financial Centre (DIFC), which also released a report during the event.
There are 4,000 millionaires in Dubai, among the highest in the world, coming from the Middle East, India and Africa, with US$966 billion in private wealth, according to Refinitiv. There are already 60 hedge funds either operating or in the pipeline in the city, with more than US$1 trillion in assets under management, according to the DIFC.
“It looks very great going forward,” said Chris Cameron, director of the Dubai Financial Services Authority, the regulator that oversees the DIFC. There has been an influx of businesses coming to the region and applying for licences to set up office. “The Dubai government and the UAE [have] managed to put the city further on the map.”
