According to a Bloomberg Report: Dubai has solidified its position as a major financial hub, now hosting nearly four dozen hedge funds each managing over $1 billion in assets, according to Salmaan Jaffery, Chief Business Development Officer of Dubai International Financial Centre (DIFC). With over 63 hedge fund clients, 44 surpassing the $1 billion mark, Dubai's financial industry has seen rapid growth in both personnel and asset management activities, employing over 1,000 people.
The city’s growth has attracted top firms seeking to tap into Dubai's wealth and the broader Middle East market. The DIFC, re-entering the top 20 global financial hubs, has seen employee numbers rise by two-thirds since 2019 to approximately 44,000. Competition from nearby Abu Dhabi and Saudi Arabia is also intensifying as the Gulf region strives to attract global financial giants.
Private wealth has been a significant draw, with Dubai being home to 212 cent millionaires, ranking first in the region, and seeing an influx of millionaires. Recent high-profile expansions, including Nigerian billionaire Aliko Dangote’s new family office and Santander’s DIFC branch, highlight Dubai's role as a leading centre for private banking and wealth management.
Amidst its financial boom, Dubai also saw UAE President Sheikh Mohammed bin Zayed and his brother, Sheikh Tahnoon bin Zayed, push AI and technology partnerships during their recent US visit. The UAE aims to become a leading hub for artificial intelligence, with Sheikh Tahnoon collaborating with US officials and key tech figures, including Elon Musk and Jeff Bezos, to advance AI initiatives. The Gulf country has positioned itself as a regional hub for AI, seeking partnerships that will strengthen its technological future.