Milecourt Asset Management plans to establish an office in Dubai, marking its entry as the latest hedge fund to expand into this Middle Eastern hub, further enhancing the city’s reputation as a global center for the finance sector.
The London-based company, which manages approximately $1.4 billion in assets, has submitted an application for a license to operate at the Dubai International Financial Centre, as reported by a reliable source.
According to the source, Milecourt is expected to set up its base during the second quarter of the year, with staff designated for investment and non-investment roles at the office.
Founded in 2015, Milecourt is set to join a growing list of prominent hedge funds launching operations in Dubai, including Citadel, spearheaded by Ken Griffin.
Other firms, such as Baron Capital Management and BlueCrest Capital, have already established their headquarters in the city’s financial district, pushing the total number of hedge funds in the area over 100.
Abu Dhabi is also experiencing growth, attracting companies like Marshall Wace and Areni Capital.
Both Dubai and Abu Dhabi have intensified their efforts to attract global investment firms, promoting their lack of personal income tax and business-friendly regulatory frameworks.