Hedge fund manager Sculptor Capital Management has secured regulatory approval to operate in Abu Dhabi, becoming the latest global financial firm to establish a presence in the fast-growing capital of the United Arab Emirates, according to a report by Bloomberg.

The $34bn asset manager, formerly known as Och-Ziff, is expanding into the Abu Dhabi Global Market (ADGM) financial centre as the emirate intensifies its efforts to position itself as a premier financial hub in the Middle East.

Sculptor joins a growing list of major firms – including BlackRock and Temasek-backed Seviora – that have recently moved into the oil-rich emirate, which is home to sovereign wealth funds managing close to $1.7tn in assets.

According to ADGM records, Sculptor’s Executive Managing Director and Global Co-Head of the Client Partner Group, Adrian Colberg, is one of three directors of the newly authorised unit. Colberg recently relocated to the UAE and is now based in Dubai, where Sculptor already maintains a representative office in the Dubai International Financial Centre (DIFC), per a March SEC filing.