Dubai’s family offices control more than US$1 trillion in assets.

Pacific Investment Management Co (Pimco) opened a Dubai office, becoming the latest major fund manager to deepen its presence in the Middle East.

The Newport Beach, California-based firm, which manages around US$2 trillion, secured a license from the Dubai Financial Services Authority on Wednesday (Feb 12), according to the regulator’s records.

“Pimco has a long-standing history in the Middle East, having managed assets for investors in the region for more than 20 years,” Robert English, managing director and head of the firm’s Middle East business, said. The new office “underlines our commitment to clients in this important region, including the growing wealth sector in the UAE”.

Dubai and neighbours such as Abu Dhabi have fast become more serious competitors to financial hubs such as London and Hong Kong in recent years. Dubai’s family offices control more than US$1 trillion in assets.