Ray Dalio, the billionaire founding father of the world’s largest hedge fund Bridgewater Associates, is ready to open a brand new investing outpost in Saudi Arabia, The Publish has discovered.
The New York-born hedge fund titan — whose internet value is estimated by Forbes at $14 billion — is opening a so-called “family office” within the Saudi capital of Riyadh to assist handle his funding and philanthropic work within the area, sources stated.
That’s after President Donald Trump this week inked offers value $600 billion with the Persian Gulf kingdom on the Saudi-US Funding Discussion board — a confab attended by Dalio that insiders have dubbed “MAGA in the Desert”.
The plan additionally follows Dalio’s determination to open a household workplace in Abu Dhabi two years in the past. He already operates two different household workplaces in New York and Singapore.
A supply near the Bridgewater founder stated the transfer “is under consideration” however that no formal determination had been taken.
Dalio has beforehand described the Gulf area as an funding hotspot, calling that a part of the Center East “very, very attractive.”
Final 12 months, the 75-year-old lavished reward on Saudi Crown Prince Mohammed Bin Salman, calling him “a great leader” on the younger royal’s Future Funding Initiative convention.
He likened the 39-year-old to Singapore’s Lee Kuan Yew, the Asian nation’s first-ever prime minister who reworked the previous British colony right into a monetary powerhouse whereas conserving a powerful grip on energy.
The Crown Prince, also referred to as MBS, was accused by the CIA in a report, launched in 2021, of ordering the assassination of Washington Publish columnist Jamal Khashoggi. Saudi authorities deny any involvement in his killing.
Dalio, who hails from Jackson Heights, Queens, stepped down as Bridgewater’s CEO in 2017 and stepped down as chairman in 2021, however he nonetheless sits on its board.
The corporate he first ran from his two-bedroom house in New York Metropolis is at present led by Israeli government Nir Bar Dea, an IDF veteran who joined the agency in 2015.
A report by Fitch, the worldwide rankings company, revealed earlier this month stated that Saudi Arabia’s asset administration trade would “attract steady inflows” over the following two years.
It forecast that belongings below administration (AUM) within the Gulf Kingdom are “likely to surpass” $350 billion by the top of 2026, up from $266 billion on the finish of 2024.
Saudi Arabia’s Imaginative and prescient 2030 initiative goals to draw funding and set up the Gulf state as a worldwide monetary hub.
Saudi Arabia’s sovereign wealth fund, often called its Public Funding Fund, manages over $700 billion in belongings, drawing growing curiosity from world buyers.
It led a $400 million takeover of English EPL soccer aspect Newcastle United in 2021 and launched the LIV {golfing} collection, a rival match to the Florida-based PGA, the next 12 months.
Based by billionaire Dalio about 50 years in the past, Connecticut-based Bridgewater counts pension funds, sovereign wealth funds, foundations, and central banks amongst its buyers.
The highest agency had $136 billion of belongings below administration, in keeping with a March submitting with the SEC.
Dalio is thought for his unorthodox administration fashion, and as soon as reportedly unleashed an electronic mail tirade on Bridgewater staffers after he seen pee on the lads’s toilet ground at its Westport, Conn., headquarters.
The corporate has undergone a raft of modifications since Dalio’s departure from the highest job, together with the launch of a brand new fund targeted on synthetic intelligence and an exchange-traded fund in partnership with State Road International Advisors.
