Singapore-based macro hedge fund RV Capital Management is opening an office in Dubai, becoming the latest in a growing wave of hedge funds establishing a strategic base for operations in the United Arab Emirates, according to a report by Bloomberg.

The report cites a company statement released on 10 April as confirming that the Asia-focused firm, which oversees approximately $1bn in assets under management, has appointed Aziz Faqir as CEO and is in the process of launching a branch office within the Dubai International Financial Centre (DIFC).

Faqir, who officially joins in early June, most recently served at Carrhae Capital in London, where he played a pivotal role in growing the firm’s assets sixfold to $3bn. His appointment is expected to bolster RV Capital’s investor outreach as the firm deepens its international footprint.

Carrhae Capital, meanwhile, has named Shane Bolton, a former partner at Goldman Sachs, as Faqir’s successor.