General Atlantic is expanding its presence by opening an office in Abu Dhabi by the end of the year. The New York-based private equity firm, with funds totaling $83 billion, has received preliminary approval to operate in the Abu Dhabi Global Market (ADGM). Final approval is expected by the end of 2024.
Many global asset managers and hedge funds are setting up in Abu Dhabi’s financial center to strengthen relationships with sovereign wealth funds like the Abu Dhabi Investment Authority (ADIA) and Mubadala. General Atlantic is backed by asset manager Mubadala Capital, showing a strong partnership in the region.
To lead the Abu Dhabi office, General Atlantic plans to relocate managing director Karim Boueiz from London, where he currently focuses on the firm’s Capital Solutions strategy. This move demonstrates the firm’s commitment to investing in local businesses and developing the region’s asset managers.
ADGM has become a hub for millionaires, bankers, and hedge funds due to its post-pandemic economic rebound, flexible business environment, convenient time zones, and tax-free status. Notable figures like Ray Dalio and Brevan Howard have already established a presence in the city.
General Atlantic’s previous investments in the Middle East include acquiring a stake in payments solutions provider Network International and investing in real estate search platform Property Finder and Turkish e-commerce platform Trendyol. This expansion to Abu Dhabi signifies the firm’s continued interest in the region’s growing opportunities.
Overall, General Atlantic’s move to open an office in Abu Dhabi reflects the increasing attractiveness of the UAE capital as a strategic hub for global investors and asset managers looking to capitalize on the region’s economic growth and investment potential.