Apollo’s Leon Black opens branch of his family office in Abu Dhabi
Scimitar will be located in Abu Dhabi Global Market, a growing outpost in the Gulf for hedge funds, private equity firms and family offices
International bank branches at Abu Dhabi Global Market (Getty Images)
First it was Ray Dalio. Now Leon Black, the billionaire co-founder of Apollo Global Management, has opened a branch of his family office in Abu Dhabi.
Black’s new Middle East base, called Scimitar, is investing with a locally based team led by Asad Hussaini, an experienced Gulf real estate investor, Bloomberg reports.
“I’ve been coming here for more than 30 years and the growth and prosperity that has occurred under Abu Dhabi’s visionary leadership is truly remarkable,” Black said in a statement emailed to the news agency. “My family office wants to be a part of that transformation.”
Scimitar will be located in Abu Dhabi Global Market, the emirate’s financial free zone, which has become a hub for hedge funds, private equity firms and family offices.
Dalio, founder of Bridgewater Associates, moved to the ADGM last year while crypto-exchange founder Changpeng “CZ” Zhao, India’s Adani family and Russian steel magnate Vladimir Lisin also have offices registered there.