Citadel is the latest hedge fund to announce it will set up shop in the Gulf, choosing Dubai as its first location in the region. The move is a win for the UAE’s most populous emirate, which is competing fiercely with Abu Dhabi and Riyadh for global financial hub status. The new office will open sometime next year and is meant to help the $74 billion firm, helmed by Ken Griffin, achieve 24-hour coverage for trading, Bloomberg reported.
DIFC, Dubai’s financial district, now hosts more than 100 hedge funds, double the number at the start of last year, though it is still far behind established centers such as New York and Hong Kong.