(Bloomberg) -- Stonepeak is opening an office in Abu Dhabi, joining a flurry of new entrants to the oil-rich capital of the United Arab Emirates.
The $71.2 billion alternative investment firm has received approvals to arrange and advise on investments in the UAE, and plans to set up in the emirate’s financial hub, Abu Dhabi Global Market, it said in a statement on Wednesday.
That comes less than a week after PGIM, the $1.3 trillion global investment management business of Prudential Financial Inc., formally set up in the city. Earlier this year, the firm had tapped Mohammed Abdulmalek to lead its expansion into the region.
Abu Dhabi sits on 6% of the world’s proven oil reserves, is home to the world’s richest family and boasts sovereign wealth funds that manage around $1.5 trillion in assets. That’s helped draw a cadre of hedge funds and venture capital firms, as well as billionaires like Ray Dalio.
Stonepeak specializes in infrastructure and real estate. The firm employs more than 250 people in the US, the UK and financial centers across Asia.
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