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After attracting crypto firms, and getting labelled "the Wall Street of Crypto" a new crowd heads to Dubai: hedge fund managers. This has been revealed by Bloomberg.
Many are being attracted by the country's stable economic environment and good relations with its neighbours. Previously based in the UK and Hong Kong, some hedge funds are now moving to Dubai due to Brexit and strict Covid restrictions. And with living costs soaring around the world, Dubai’s tax-free welcome mat has seldom looked so appealing.
“We are in a unique situation where the classic financial centers are disintegrating,” said Tom Kirchmaier, professor at the Centre for Economic Performance at the London School of Economics. “Living in Dubai -- that’s now come down to personal preferences with low taxes, good infrastructure and low regulation.
The city offers a fertile ground of high net worth individuals and institutional investors. According to some estimates, the UAE is set to attract a net inflow of 4,000 millionaires this year, the most of any country globally.
Higher oil prices are another reason. Crude trading above $100 a barrel stimulates Gulf economies and markets, prompting the region’s sovereign wealth funds to invest the windfall at home and abroad.
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