French asset management firm Carmignac has established its first regional office in the Dubai International Financial Centre (DIFC), marking a strategic expansion into the Middle East. The move aims to address the growing wealth creation in the United Arab Emirates and meet the rising demand for active investment management in the region.
Christophe Younes, head of Middle East at Carmignac, explained in an interview that the decision to open a physical presence in Dubai reflects the limitations of servicing the region remotely from Europe. "Given the pace of growth in the Gulf, the Middle East can no longer be effectively covered on a fly-in basis," Younes said. This expansion allows Carmignac to engage directly with institutional investors, private banks, and family offices across the UAE and the broader Middle East.
The decision comes amid a notable increase in the number of wealth and asset management firms operating out of the DIFC, which now hosts 592 such entities—a 35 percent rise year on year. Younes attributed this growth to the centre’s robust regulatory framework and supportive policies, which have created an attractive environment for financial firms.
Carmignac plans to leverage its expertise in emerging markets, technology-focused investments, fixed income, multi-asset strategies, alternatives, and private assets to complement portfolios tailored to the regional investor profile. Active management and income generation are especially sought after in the UAE, where nearly half of the investment funds domiciled since 2024 have an explicit income objective.
“We see a clear priority for income generation in this market, and that aligns with our capabilities to add value,” Younes noted. The firm aims to integrate itself fully into the regional financial ecosystem, aspiring to achieve a reputation in the UAE akin to its standing as one of Europe’s leading active managers.
This expansion aligns with Dubai’s D33 agenda, which targets positioning the emirate among the world’s top four global financial centres. The growing presence of asset management firms at DIFC reflects the momentum behind this ambition, with Carmignac joining a wave of international players capitalizing on the opportunities presented by the region’s dynamic economic landscape.