US hedge fund firm Citadel, which oversees $67 billion in assets, has received the greenlight to start its operations in Dubai, according to a Bloomberg report.

With the regulatory approval, the company’s staff can start trading from Dubai International Financial Centre (DIFC), the news agency reported, quoting people familiar with the matter.

One of its portfolio managers has reportedly moved to the emirate to lead the initial setup.

Headquartered in the US, Citadel specialises in multi-strategy hedge fund operations. Its entry into DIFC is considered a big boost for Dubai, which is looking to establish itself as the leading financial hub in the Middle East. 

With the move, Citadel is putting itself in close proximity to the massive pools of capital, including sovereign wealth funds, in the Gulf.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com