Cambridge Associates has announced its expansion into Dubai, aligning itself with other financial managers eager to access the city’s substantial private wealth. The firm, which specializes in assisting institutional investors such as endowments, foundations, and family offices in managing their investments across various asset classes, received a regulatory license from the Dubai Financial Services Authority on Wednesday.

This license allows Cambridge Associates to commence operations in the Dubai International Financial Centre (DIFC), a prominent hub that currently hosts over 400 wealth and asset management firms. The new office signifies the firm’s first presence in the Middle East, adding to its existing 12 offices worldwide.

In recent years, the influx of high-net-worth individuals in the region has rendered it an appealing destination for investment firms like Cambridge Associates. The Dubai financial hub is home to family offices that collectively manage assets exceeding $1 trillion. This significant capital base underscores the region’s potential for financial services growth, especially with Abu Dhabi, located just 90 minutes away, controlling more than $1.7 trillion in sovereign wealth.