Ray Dalio, the founder of Bridgewater Associates – the world’s largest hedge fund – is preparing to open a new family office in Riyadh, Saudi Arabia, according to a report by the New York Post citing unnamed sources familiar with the matter.

The move would expand Dalio’s investment and philanthropic presence in the Middle East, following his earlier decision to establish a family office in Abu Dhabi.

The planned Riyadh office aligns with Saudi Arabia’s growing push to become a global financial hub under its Vision 2030 initiative, which has attracted increasing attention from global investors and asset managers. Saudi Arabia’s Public Investment Fund (PIF), with over $700bn in assets under management, has also been active internationally, including leading the acquisition of Newcastle United Football Club and launching the LIV Golf series.

Dalio, whose net worth Forbes estimates at $14bn, has previously praised Saudi Crown Prince Mohammed bin Salman, comparing him to Singapore’s transformational leader Lee Kuan Yew. Dalio describes the Gulf region as a “very, very attractive” investment destination.

The announcement comes shortly after President Donald Trump’s visit to Riyadh for the Saudi-US Investment Forum – an event attended by Dalio – where deals worth $600bn were signed.

Though sources say the Riyadh office is “under consideration” with no formal decision announced, the move would mark a significant step for Bridgewater’s geographic diversification. Bridgewater, founded about 50 years ago, currently manages $136bn in assets and counts pension funds, sovereign wealth funds, foundations, and central banks among its investors.

The firm is now led by CEO Nir Bar Dea, who joined Bridgewater in 2015, following Dalio’s step down as CEO in 2017 and chairman in 2021.