Abu Dhabi is ramping up plans to be a leading alternative investment hub, expanding its infrastructure as Man Group and Balyasny Asset Management become the latest Power List managers to prepare offices in the emirate.
Mubadala Investment Company and real estate group Aldar are planning a joint venture to expand Al Maryah Island and create 1.5 million square metres of new space across commercial, residential and hospitality categories.
The plans, announced at the start of Abu Dhabi Finance Week, will bring new capacity to meet growing demand. Nearly 40,000 individuals are now based in the financial district, according to ADGM.
The planned offices by Balyasny and Man Group, first reported by Bloomberg, will mean ten $10bn-plus hedge fund managers will have a base in Abu Dhabi.
Davidson Kempner Capital Management became the latest AFI Power List firm to open an office in Abu Dhabi Global Market earlier this year, joining Sculptor, TCI, Marshall Wace, Brevan Howard, Winton and JP Morgan.
“Today’s landmark expansion of Al Maryah Island marks a pivotal step in strengthening Abu Dhabi’s standing as a global capital for finance,” said Salem Al Darei, CEO of ADGM Authority.
“With ADGM at the heart of this transformation, the development reflects our ambition to create one of the world’s most progressive and connected financial districts, an ecosystem where international institutions, investors, and innovators can thrive.”