UK's Man Group joins hedge fund peers planning offices in #AbuDhabi | Reuters

UK's Man Group joins hedge fund peers planning offices in Abu Dhabi | Reuters

British hedge fund Man Group Plc (EMG.L), opens new tab has applied for a licence to open an office in Abu Dhabi next year, joining a growing number of asset managers and traders establishing a presence in the region, it said on Friday.

The $214 billion hedge fund plans to use the base, if approved, to make investments, execute trades, train employees and meet investors, it said in a statement seen by Reuters.

Bloomberg first reported the news.

"Abu Dhabi has established itself as a dynamic and important global financial centre with a strong focus on innovation and AI, which aligns well with our business," a Man Group spokesperson said, adding that the licence application was a natural progression for the firm, underscoring its commitment to the Middle East.

Man Group, which operates a host of different strategies and funds, posted a 22% increase in assets under management to a record $213.9 billion in the 12 months to September 30.

Its AHL Alpha fund returned 2.32% in November while multi-strategy fund Man Strategies 1783 finished the month roughly flat, the group's website said. The funds are up 3.09% and 12.47%, respectively, for the year to end-November.

#UAE markets up on Fed rate cut bets | Reuters

UAE markets up on Fed rate cut bets | Reuters

Stock markets in the United Arab Emirates rose on Friday, mirroring gains in global equities ahead of a key reading of U.S. inflation that investors largely believe will not alter hopes of a rate cut by the Federal Reserve next week. 

Broader MSCI index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab and European index, and the STOXX 600 (.STOXX), opens new tab were up 0.3% respectively. 

U.S. personal consumption expenditures (PCE) price index - the Fed's preferred gauge of inflation - is due later in the day. 

A majority of more than 100 economists polled by Reuters forecast the Fed will reduce its key interest rate by 25 basis points at its December 9-10 meeting. 

Dubai's main index (.DFMGI), opens new tab advanced 0.9%, extending gains to a fourth session, lifted by gains in heavyweight real estate and banking sector stocks. 

Blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its construction arm Emaar Development (EMAARDEV.DU), opens new tab climbed 2.9% and 4.7% respectively, while banking giants Emirates NBD Bank (ENBD.DU), opens new tab and Dubai Islamic Bank (DISB.DU), opens new tab jumped 2.5% and 1.1%. 

Emaar Properties unveiled 'Dubai Square', a next-generation flagship retail and lifestyle hub at the heart of the AED 180 billion Dubai Creek Harbour mega-development. 

Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.4% higher, supported by a 2.5% rise in Aldar Properties (ALDAR.AD), opens new tab and a 3% hike in energy shipper Adnoc Logistics & Services (ADNOCLS.AD), opens new tab. 

Aldar and Mubadala Capital announced Aldar Capital, a platform linking global institutional investors to prime real estate and infrastructure opportunities across the UAE and wider GCC. 

Its first fund, planned for launch in 2026, is seeking to raise $1 billion in capital. 

Dubai index recorded 2.5% gain in the week, its biggest increase in more than four months, while Abu Dhabi closed the week up 2.1%, its best performance since late June, according to LSEG data.