Chinese private equity investment firm CMC Capital Partners has expanded into the UAE with the opening of its office in Abu Dhabi.

The company, which has $2.5 billion in assets under management and founded by media mogul Li Ruigang, has opened a new branch in Abu Dhabi Global Market (ADGM), Bloomberg News reported on Friday.

The firm also confirmed on its website that it operates offices in Abu Dhabi, besides Shanghai, Beijing and Hong Kong.

CMC Capital has more than 60 portfolio companies in the technology, consumer and media sectors.

It registered an entity within ADGM this week, Bloomberg News said, citing records. Lee Wei Choy and Jianan Wu were listed as directors.

CMC Capital is among the latest to join the growing business community in Abu Dhabi.

The capital’s financial centre has recently seen an influx of high-net-worth individuals (HNWIs), including hedge fund billionaire Ray Dalio, the influential Adani family from India and cryptocurrency industry’s wealthiest, Zhao Changpeng, among many others.

(Writing by Cleofe Maceda; editing by Brinda Darasha)