Dubai has solidified its position as a major financial hub, hosting nearly four dozen hedge funds, each managing over $1 billion in assets. This growth is reflected in the words of Salmaan Jaffery, Chief Business Development Officer of Dubai International Financial Centre (DIFC). With over 63 hedge fund clients, where 44 surpass the $1 billion mark, Dubai's financial industry has witnessed remarkable expansion in both personnel and asset management activities, employing more than 1,000 skilled professionals.
The rapid growth of the city has attracted top firms aiming to penetrate Dubai's wealth and the more extensive Middle East market. The DIFC has successfully re-entered the top 20 of global financial hubs, showing a significant rise in employee numbers by two-thirds since 2019, reaching approximately 44,000 in total.
However, the competition is heating up from nearby Abu Dhabi and Saudi Arabia, as the Gulf region intensifies efforts to attract global financial giants looking for lucrative opportunities. Private wealth serves as a considerable attraction, with Dubai boasting 212 cent millionaires, ranking it first in the region, all while experiencing a surge of millionaires moving to the area.
Recent high-profile expansions, such as the establishment of Nigerian billionaire Aliko Dangote’s new family office and Santander’s branch at the DIFC, further underscore Dubai's role as a leading center for private banking and wealth management. In the midst of its financial boom, Dubai has also seen the UAE President Sheikh Mohammed bin Zayed and his brother, Sheikh Tahnoon bin Zayed, advocate for the enhancement of AI and technology partnerships during their recent visit to the United States.
The UAE sets its sights on becoming a prominent hub for artificial intelligence, with Sheikh Tahnoon actively collaborating with US officials and influential technology figures, including Elon Musk and Jeff Bezos, to drive forward AI initiatives. The Gulf nation is keen to establish itself as a regional hub for AI, seeking strategic partnerships that will bolster its technological ambitions and future prospects..