Gulf Cooperation Council is an attractive region to invest in amidst the ongoing political and economic turbulence in several parts of the world, says Ray Dalio.
Dalio is particularly interested in the UAE
The billionaire founder of Bridgewater Associates is particularly bullish on the United Arab Emirates. Speaking with CNBC at the Abu Dhabi Finance Week today, he said:
GCC is becoming an important region. It’s very classic. It’s a renaissance state within this greater geopolitical and economic environment.
Bridgewater remained the world’s largest hedge fund with just over $97 billion worth of assets under management at the end of September 2023.
Dalio’s remarks arrive a couple months after he issued a warning that inflation was unlikely to return to 2.0% “without a lot of pain”.
Dalio has a family office in Abu Dhabi
In April, Ray Dalio expanded in the Middle East with a new branch of the Dalio Family Office (DFO) in Abu Dhabi. Outside of the U.S., his family office also has a footprint in Singapore.
The billionaire investor likes GCC also because it’s clear of power conflict or war. At the Abu Dhabi Finance Week 2023, he also said on Tuesday:
I look at that around the world in places I want to invest in. And this region is very, very attractive and is at the takeoff point for the reasons that were discussed in other sessions.
Note that 10 of the largest sovereign wealth funds in the said region managed about $4.0 trillion combined at the start of this year excluding private money.
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