(Bloomberg) -- As the most influential names from the world of finance, including David Solomon and Larry Fink, head to Riyadh for Saudi Arabia’s flagship Future Investment Initiative, one cohort has so far been notably absent. The agenda features almost no attendees from neighboring Abu Dhabi.
Key figures from Abu Dhabi, like Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak, have previously attended the event. But not many prominent names from the emirate have made the short trip over to Riyadh this year for the eighth edition of the summit.
The United Arab Emirates’ capital, which controls almost $1.5 trillion in sovereign wealth, has been pulling out all stops to emerge as the region’s preeminent financial center. While Dubai has for years been the regional business hub, Abu Dhabi has also managed to attract some of the world’s biggest firms, putting it in direct competition with Riyadh.
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Saudi Arabia — the largest Middle Eastern economy — has embarked upon a trillion-dollar transformation plan, and is piling pressure on global firms to set up local outposts. That’s prompted the likes of General Atlantic and Goldman Sachs Group Inc. to beef up their operations in the kingdom.
Still, many firms have been reluctant about making Riyadh their main hub because their employees prefer the lifestyle in the UAE. Abu Dhabi has also rolled out a series of perks to make itself a more attractive destination, Bloomberg News has reported.
To solidify its advantage, the emirate started a conference of its own, Abu Dhabi Finance Week. That’s drawn prominent names, including billionaire Alan Howard who last year said the emirate could become a global financial center, and Bridgewater Associates Founder Ray Dalio, who has become the face of Abu Dhabi’s success in drawing hedge fund luminaries.
Dalio spoke at the Saudi conference Tuesday, where he touched upon his ties to the region. “The reason I’m weaving my life and my family’s involvement in terms of family office and so on into the Gulf Cooperation Council, is that it is one of those places, particularly Saudi Arabia and the UAE, are places in which you have the basic fundamentals,” he said.
(Updates with comments from Ray Dalio in final paragraph)
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