Singapore Exchange Ltd. is eyeing expansion into Dubai, driven by the increasing number of hedge funds flocking to the United Arab Emirates. Lee Beng Hong, head of wholesale markets and platforms at Singapore Exchange, mentioned that the firm’s clients’ presence in the emirate is strengthening the case for opening a new office, adding to its operations in nine other countries.
Lee expressed that the Middle East’s success has prompted them to grow their presence in the region, stating, “We are actively looking at that.” The influx of fund managers into Dubai in recent months, attracted by government incentives, a favorable timezone, and a low tax regime, has caught the attention of firms like Millennium Management, BlueCrest, and Balyasny Asset Management.
Dubai’s Museum of the Future. A wave of fund managers have flocked to the emirate in recent months. Photo: Xinhua