Billionaire Ray Dalio Plans to Open Investment Office in Saudi Arabia

The New York Post revealed that billionaire Ray Dalio, founder of the world’s largest hedge fund, Bridgewater, is preparing to open a new investment office in Saudi Arabia.

The sources, speaking to the newspaper on condition of anonymity, said that the New York-born hedge fund manager—whose net worth is estimated by Forbes at $14 billion—is opening a so-called “family office” in Riyadh to help manage his investments and philanthropy in the region.

This comes after President Donald Trump signed $600 billion in deals with Saudi Arabia at the Saudi-U.S. Investment Forum this week. Dalio was among the attendees.

This plan also follows Dalio’s decision to open a family office in Abu Dhabi two years ago. He already runs two other family offices in New York and Singapore. A source close to the Bridgewater founder confirmed that the move is “under consideration,” but no formal decision has yet been made.