CVC Capital Partners, a private equity and credit firm with $117.8 billion in assets under management, is planning to set up a presence in Dubai by opening an office in the emirate’s financial district, Bloomberg reported.

Ozgur Onder, a London-based managing director involved in identifying investment opportunities, will spend more time in Dubai as part of the firm’s expansion plan, Bloomberg reported, citing people familiar with the matter.

CVC, however, declined to comment.

In its first major investment in the Gulf region, a consortium led by CVC Capital Partners in 2019 acquired a 30 percent stake in Dubai-based GEMS Education. The value of the deal was not disclosed.

Last year CVC Fund VII bought the Turkish, Greek, Croatian, Montenegrin and UAE businesses of D-Marin, a leading operator of premium yacht marinas. D-Marin operates the Jaddaf Waterfront, Business Bay and Al Seef marinas in Dubai as well as Dubai Harbour.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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