Core Insights - The Middle East is becoming a prime destination for asset managers seeking capital from large sovereign wealth funds and family offices that manage trillions in assets [1] - Operating in the Gulf region requires a different approach compared to Western financial hubs, emphasizing the importance of local relationships over traditional presentation methods [2][3] - Relationship-building is crucial for successful transactions and fundraising in the region, as quick visits without established connections are unlikely to yield results [3][7] Industry Dynamics - Many hedge funds have established offices in Abu Dhabi or Dubai, driven by employee preferences for the tax-free environment and favorable living conditions [4] - The belief that sovereign wealth funds require a physical office for capital investment is challenged, with evidence suggesting that long-term relationships can be built without a local presence [5] - The decision for firms to establish a physical presence in the region often comes after engaging with local family offices, particularly those run by expatriates seeking tax advantages [6]