icon
icon
icon
icon
$300 Off
$300 Off

News /

Articles /

SGX Eyes Dubai Expansion Amid Hedge Fund Influx and Client Relocation Surge

Word on the StreetMonday, Sep 23, 2024 1:00 am ET
1min read

Attracted by the surge in hedge fund entries into the UAE, the Singapore Exchange (SGX) is contemplating an expansion into Dubai. This move comes as a response to the significant relocation of clients to the city, as noted by Ng Yihang, Director of SGX's Financial Markets and Digital Platforms, in a recent interview. He highlighted that the presence of clients in Dubai provides a compelling case for establishing a new office there, complementing their existing operations in nine other countries.

"Given the success we've already achieved in the Middle East, now is an opportune moment to broaden our local activities," remarked Ng. "We are actively exploring this opportunity." The influx of fund companies into Dubai is driven by a combination of government incentives, favorable time zones, and low tax regimes. Firms like Millennium Management, BlueCrest, and Balyasny Asset Management have already expanded their footprints in the city.

Ng mentioned that SGX's Middle East strategy is still in its nascent stages. The initial plan involves relocating an employee from Qatar to Dubai, followed by potential staff additions. However, he did not disclose the number of hires planned. "We go where our clients go," he explained. "Our strategy is to hire more people; we aim for more than just a small office, as a larger presence brings staff closer to the functions involving the creation and design of our products."

This potential expansion aligns with SGX's focus on leveraging the growing interest in forex trading, which has been a highlight this year. Although specific details on financial performance were not disclosed, the exchange has benefitted from increased enthusiasm for trading Asian currencies, particularly as yen carry trades have disrupted markets in the region.

Comments

Add a public comment...
Post
No Comment Yet
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App