Global investment management firm Hillhouse Investment Management said on Thursday it has opened a new office in Abu Dhabi’s financial centre, one of the first companies to announce it is pushing ahead with a base in the hub since the beginning of the Iran war.
The conflict, which started on February 28 when the United States and Israel launched coordinated strikes against Iran, has disrupted travel and business in the region, as Tehran launched strikes across Gulf countries, forcing several companies to close offices temporarily.
The UAE has become increasingly attractive to companies and high-net-worth individuals in recent years, thanks to its tax-free environment and ease of doing business.
Hillhouse, which has over $100 billion in assets under management, is known for its hedge fund and private equity investments and has also moved into real estate and private credit.
The Singapore-based firm was an early investor in Chinese tech giants such as Tencent Holdings 0700.HK, JD.com Inc 9618.HK and Baidu 9888.HK.
In the United Arab Emirates, it has invested in corporate service providers Virtuzone and Clara via its Ascentium platform. It also invested in the education real estate space.
Abu Dhabi, home to 90% of the UAE’s oil reserves, has intensified its push to diversify beyond hydrocarbons by leveraging its vast sovereign wealth funds.
Its financial centre, Abu Dhabi Global Market, reported a 36% rise in assets under management last year, while the number of total active licences at the hub rose 30% to reach 12,671 as of the end of December.
Investment firm Muzinich & Co opened an office in ADGM earlier this week.
Hillhouse declined to immediately comment on progress to raise $7 billion for a private equity fund in Asia that the firm kicked off late last year.
Reuters
