General Atlantic plans to open an office in Abu Dhabi by the end of 2024, relocating a dealmaker from London to lead the new team. The New York-based private equity firm, which manages $83B in assets, has obtained initial approval to operate from the Abu Dhabi Global Market (ADGM). Final approval is expected by year-end.
The ADGM’s public register shows details of General Atlantic’s licence application, though the firm has not commented on the matter. It will join other global asset managers and hedge funds drawn to Abu Dhabi’s financial centre by opportunities to strengthen relationships with sovereign wealth funds as traditional buyout funding becomes scarcer.
Abu Dhabi is home to major funds like the Abu Dhabi Investment Authority (ADIA) and Mubadala, managing over $1T combined.
Managing director Karim Boueiz, currently based in London, will relocate to the new office, focusing on the firm’s Capital Solutions strategy. A spokesperson confirmed Boueiz’s current role but gave no timeline for his move. Samir Assaf, appointed chairman of the Middle East business in February 2023, will also support regional operations.
Abu Dhabi’s ADGM has become a hub for global financiers, lured by the UAE’s post-pandemic economic recovery, business-friendly regulations, and tax-free status. Major investors like Ray Dalio, founder of Bridgewater Associates, and Brevan Howard have also set up operations there.
General Atlantic’s Middle East investments include a 49% stake in payment solutions firm Network International, now sold, as well as investments in Property Finder and Turkish e-commerce platform Trendyol.
