#AbuDhabi Speeds Up Country Club Admissions to Lure Hedge Funds - Bloomberg

Abu Dhabi Speeds Up Country Club Admissions to Lure Hedge Funds - Bloomberg

Abu Dhabi officials are quietly orchestrating a fresh package of perks they hope will help propel the city up the ranks of the world’s biggest financial centers, from helping traders obtain coveted school admissions for their children to assisting them with securing memberships at country clubs.

While the city’s $1.5 trillion in sovereign wealth capital will continue to be the main draw for hedge fund managers making a beeline for Abu Dhabi, officials are formalizing a program that will offer incentives, including lifestyle support and visas, as part of its overall package for finance professionals moving to the region.

The bet is that these perks, along with the city’s tax-free status, sunny weather and a time zone that allows workers to trade across Asian, European and US hours, will help it continue to lure hedge fund titans from New York, London, Hong Kong and Singapore.

“We are positioning ourselves globally by benchmarking against the likes of Hong Kong and Singapore right now,” said Arvind Ramamurthy, who leads market development at the Abu Dhabi Global Market, the emirate’s financial free-zone. “In the long-term, we want to be compared with London and New York.”

There are already signs that some of the city’s early moves are working: Brevan Howard Asset Management now manages more money from the emirate than it does anywhere else on the planet. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among the global financial firms opening up offices in Abu Dhabi.

The financial center had 1,825 operational entities as of the end of last year, up by a third from 2022. ADGM has said it’s been the fastest-growing financial center in the region for two consecutive years.