SGX eyes expansion in Dubai market amidst rising hedge fund activity

Bloomberg reported that this interest is also driven by an influx of SGX clients in the emirate.

Singapore Exchange (SGX) plans to enter the Dubai market amidst a surge in hedge funds in the UAE, Bloomberg reported.

Bloomberg, citing an interview with Lee Beng Hong, head of wholesale markets and platforms at SGX, reported that an influx of the firm’s clients settling in the emirate is strengthening the case for opening a new office, complementing its operations in nine other countries.

According to Bloomberg, Lee said that whilst SGX’s strategy in the Middle East is at an early stage, the approach is to balance between moving people from other locations to hiring locally

“We go where our clients go,” Lee said in an interview with Bloomberg. “The plan is to have more people, we don’t want to have small offices because that means employees are less connected to the functions that are building and designing our products.”

In addition, Bloomberg reported that a wave of fund managers have flocked to Dubai in recent months, drawn by a slew of government incentives, a favorable timezone, and a low tax regime.