Ray Dalio, the billionaire founder of Bridgewater Associates, which is known as the largest hedge fund globally, has plans to establish a new family office in Saudi Arabia.
Born in New York, Dalio’s wealth is estimated at around $14 billion by Forbes. This new family office, based in Riyadh, is intended to help manage investments and charitable activities in the area.
This development comes in the wake of a significant $600 billion deal signed by President Trump with the Gulf nation at the recent Saudi Arabian Investment Forum. Dalio attended this event, where some insiders refer to him as the “Desert Magazine.”
Dalio previously set up a family office in Abu Dhabi two years ago and already operates additional offices in both New York and Singapore.
While a source close to Dalio mentioned that the decision is still “under consideration,” it hasn’t been formally finalized yet.
He has highlighted the Gulf region as an enticing area for investment, indicating that parts of the Middle East are “very, very attractive.”
In the past year, Dalio praised Saudi Crown Prince Mohammed bin Salman, referring to him as a “great leader” during the Young Royal’s Future Investment Initiative Conference. He even compared the Crown Prince to Singapore’s first Prime Minister, Lee Kuan Yew.
Notably, the Crown Prince has faced allegations from the CIA regarding the assassination of journalist Jamal Khashoggi, though Saudi officials have denied any involvement in that incident.
After stepping down as CEO of Bridgewater in 2017 and resigning as chairman in 2021, Dalio continues to serve on the board of the firm he founded from a two-bedroom apartment in New York City.
Currently led by Israeli executive NIR Bar DEA, who joined the company in 2015, Bridgewater has garnered attention from various investors, including pension funds and sovereign wealth entities.
Fitch Ratings indicated recently that Saudi Arabia’s asset management sector is expected to attract steady investments over the next couple of years.
Projections suggest that the Gulf Kingdom’s assets under management might exceed $350 billion by the end of 2026, supported by the Vision 2030 initiative which aims to position Saudi Arabia as a prominent financial center.
The Saudi public investment fund, which currently holds over $700 billion in assets, has been gaining significant interest from global investors, recently leading the acquisition of the football club Newcastle United and launching the LIV Golf series.
Bridgewater, founded by Dalio approximately 50 years ago in Connecticut, counts numerous important entities among its investors.
According to a submission to the SEC, the firm oversees around $136 billion in assets.
Dalio is known for his unconventional management practices; one notable incident even involved him sending an email to staff after a mishap at the company’s Connecticut headquarters.
The firm has also seen various changes, including the initiation of a new fund focusing on artificial intelligence and a partnership with State Street Global Advisors to create an Exchange Sales Fund.
