British hedge fund LMR Partners is set to open a branch in Dubai, UAE, an emerging financial hub for wealthy individuals, reported Bloomberg.

The $9.8bn firm has already received a licence from Dubai International Financial Centre and will commence its operations in the country with a six-member team, a person privy to the development told the publication.

The firm is searching for a location in the ICD Brookfield Place with plan to accommodate 25 to 30 people in its office, the unnamed source added.

It has recruited half its workforce in Dubai locally and will relocate the rest of the staffs, including Hong Kong -based portfolio managers Iain Raskin and Sebastian Gorga, from other branches.

Dubai’s time zone is considered to be more suitable for some of the portfolio managers of the company to carry out trade across the globe, added the person.

Recently, Millennium Management and ExodusPoint Capital Management have also established presence in the UAE.

UAE’s convenient business regulations, tax-free status and its appeal as a global travel destination have made it lucrative for global financiers to do business in the country, noted the Bloomberg report.

Last week, the agency reported that Balyasny Asset Management will commence its business in Dubai with a new office in the first quarter of 2023.