Bridgewater founder Ray Dalio to open office in – Business News
Ray Dalio, the billionaire founder of the world’s largest hedge fund Bridgewater Associates, is set to open a new investing outpost in Saudi Arabia, The Post has discovered.
The New York-born hedge fund titan — whose web value is estimated by Forbes at $14 billion — is opening a so-called “family office” in the Saudi capital of Riyadh to help handle his investment and philanthropic work in the area, sources mentioned.
That’s after President Donald Trump this week inked offers value $600 billion with the Persian Gulf kingdom on the Saudi-US Investment Forum — a confab attended by Dalio that insiders have dubbed “MAGA in the Desert”.
Bridgewater founder Ray Dalio praised the management of Saudi Crown Prince Mohammed Bin Salman, likening him to Singapore’s founding father Lee Kuan Yew. Getty Images for TIME
Dalio is set to open a new investing outpost in Saudi Arabia, sources say. AFP through Getty Images
The plan additionally follows Dalio’s resolution to open a household office in Abu Dhabi two years in the past. He already operates two different household places of work in New York and Singapore.
A source close to the Bridgewater founder mentioned the transfer “is under consideration” however that no formal resolution had been taken.
Dalio has beforehand described the Gulf area as an investment hotspot, calling that half of the Middle East “very, very attractive.”
Last yr, the 75-year-old lavished reward on Saudi Crown Prince Mohammed Bin Salman, calling him “a great leader” on the younger royal’s Future Investment Initiative convention.
He likened the 39-year-old to Singapore’s Lee Kuan Yew, the Asian nation’s first-ever prime minister who remodeled the previous British colony into a financial powerhouse whereas holding a robust grip on energy.
The Crown Prince, often known as MBS, was accused by the CIA in a report, launched in 2021, of ordering the assassination of Washington Post columnist Jamal Khashoggi. Saudi authorities deny any involvement in his killing.
Trump instructed the ‘MAGA in the Desert’ investment discussion board that Saudi Arabia ought to acknowledge the state of Israel and be a part of the Abraham Accords. AFP through Getty Images
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 company he first ran from his two-bedroom house in New York City is at present led by Israeli government Nir Bar Dea, an IDF veteran who joined the firm in 2015.
A report by Fitch, the worldwide scores company, printed earlier this month mentioned that Saudi Arabia’s asset management industry would “attract steady inflows” over the subsequent two years.
Ties between the US and Saudi Arabia soured beneath the Biden administration after the CIA launched a report accusing the Saudi Crown Prince of ordering the killing of a Washington Post journalist. AFP through Getty Images
It forecast that belongings beneath management (AUM) in the Gulf Kingdom are “likely to surpass” $350 billion by the tip of 2026, up from $266 billion on the finish of 2024.
Saudi Arabia’s Vision 2030 initiative goals to entice investment and set up the Gulf state as a world financial hub.
Saudi Arabia’s sovereign wealth fund, often known as its Public Investment Fund, manages over $700 billion in belongings, drawing growing curiosity from world buyers.
Saudi Arabia’s Public Investment Fund led a 2021 takeover of English Premier League outfit Newcastle United. REUTERS
It led a $400 million takeover of English EPL soccer facet Newcastle United in 2021 and launched the LIV {golfing} sequence, a rival match to the Florida-based PGA, the next yr.
Founded 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 prime firm had $136 billion of belongings beneath management, in accordance to a March submitting with the SEC.
Israeli government Nir Bar Dea, an IDF veteran who joined the firm in 2015, is the present CEO of Bridgewater Associates. Variety through Getty Images
Dalio is thought for his unorthodox management fashion, and as soon as reportedly unleashed an e mail tirade on Bridgewater staffers after he seen pee on the boys’s toilet ground at its Westport, Conn., headquarters.
The company has undergone a raft of adjustments since Dalio’s departure from the highest job, together with the launch of a new fund centered on artificial intelligence and an exchange-traded fund in partnership with State Street Global Advisors.
