The founder of Bridgewater Associates, Ray Dalio, is planning to open a new family office in Riyadh, Saudi Arabia, according to a report by the New York Post.
Dalio served as Bridgewater’s chief executive officer until 2017. He sits on the investment organization’s board and was its chairman until 2021. The company is currently led by executive Nir Bar Dea, who joined the firm in 2015.
In 2023, Dalio established a family office in Abu Dhabi. The new office in Saudi Arabia would further expand the organization’s investment presence in the Middle East and comes on the heels of Dalio’s recent trip to Riyadh to attend the Saudi-U.S. Investment Forum.
Saudi Arabia’s Public Investment Fund manages more than $700B in assets. If the plan comes to fruition, the office would be another step in Saudi Arabia’s push to become a global financial hub under its Vision 2030 initiative, said a report by Hedgeweek.
Bridgewater’s assets under management declined 18.1% in 2024 to $92.1B, noted a separate report from Hedgeweek. It said the firm has been returning capital to clients and limiting new inflows to its flagship fund, Pure Alpha, cutting its AUM to $61B in alignment with the firm’s internal target of $50bn to $60 bn.
