(Bloomberg) -- Czech billionaire Radovan Vitek has set up special purpose vehicles in Abu Dhabi, the latest high net worth individual to register firms in the emirate.

The property mogul is the sole shareholder in Rising Falcon Holding Limited and Rising Falcon Number 1 Holding Limited, according to corporate records at Abu Dhabi Global Market, the city’s international financial center. They were incorporated on Dec. 5, weeks after Vitek was targeted by short seller Carson Block.

On Nov. 21, Muddy Waters published a report claiming CPI Property Group SA, majority owned by Vitek, overstated the value of its assets and that the billionaire benefited from undisclosed related-party transactions. CPI pushed back against the accusations, saying it has never obscured its dealings with its owner or other related parties.

Vitek’s new Abu Dhabi entities coincide with a broader shift in wealth to the capital of the United Arab Emirates, which is home to the world’s richest family and boasts funds that manage more than $1 trillion. 

Egyptian billionaire Nassef Sawiris is moving his family office to ADGM, joining a flurry of recent registrations by the richest man in crypto Changpeng “CZ” Zhao as well as India’s Adani family, hedge fund billionaire Ray Dalio and Russian steel magnate Vladimir Lisin.

READ MORE: Abu Dhabi Is the World’s Newest Wealth Haven for Billionaires

The Czech tycoon’s SPVs were set up by Clara Formations Limited, a leading corporate service provider in the UAE, which has also worked for billionaires including Zhao, according to ADGM records. It isn’t publicly known what each entity contains.

Representatives for Vitek and Clara declined to comment, while ADGM didn’t respond to requests for comment.

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