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New York-based Stonepeak, which manages over $71 billion in assets, is expanding into Abu Dhabi, as part of a strategy to bolster its reach in the Middle East region.
The alternative investment firm specialising in infrastructure and real assets confirmed on Wednesday that it is opening an office in the UAE capital, having obtained a permit from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The company will provide advisory on investments in the UAE and plans to utilise its local presence to expand its network for potential investment opportunities, according to a statement.
“ADGM provides an ideal environment for Stonepeak’s regional expansion,” the firm said.
Stonepeak is one of the latest to join a flurry of investors seeking to establish a presence in Abu Dhabi, as the UAE capital is increasingly becoming a popular destination for the rich.
Thousands of high-net-worth individuals (HNWIs) have recently set up special-purpose vehicles (SPVS) in ADGM. Egyptian billionaire Nassef Sawiris announced in December that he would relocate his family office to Abu Dhabi.
Stonepeak has approximately $71.2 billion of assets under management. The company is headquartered in New York, with offices in Houston, London, Hong Kong, Singapore and Sydney.
(Writing by Cleofe Maceda; editing by Seban Scaria)
