Singapore Exchange eyes Middle East move to target Dubai-bound hedge funds

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, Lee Beng Hong, head of wholesale markets and platforms at Singapore Exchange, said in an interview.

“Given the success we’ve had in the Middle East, it’s the right time for us to grow our presence there,” Lee said. “We are actively looking at that.”

A wave of fund managers have flocked to Dubai in recent months, drawn by a slew of government incentives, a favourable timezone and a low tax regime. Millennium Management, BlueCrest and Balyasny Asset Management are among those that have expanded operations in the city.