(Bloomberg) -- Russian steel tycoon Vladimir Lisin has become the latest high-profile businessman to set up in Abu Dhabi with a series of new offices and special purpose vehicles. 

The billionaire chairman of Russia’s biggest steelmaker, Novolipetsk Steel PJSC, helped to register multiple offices in the oil-rich emirate this month and created two SPVs — Serenity II Holdings and Nebula II Holdings — in Abu Dhabi Global Market, according to the business hub’s registry. 

The new firms add to four entities he set up in the financial free zone earlier this year. SPVs have become the preferred method for wealthy individuals to set up family offices and private assets in ADGM, although it’s not immediately clear what Lisin’s entities will do. Lisin isn’t sanctioned by the US, United Kingdom or European Union. 

A representative for Lisin declined to comment. A representative for ADGM declined to comment on registered entities within its jurisdiction and referred questions to the company.

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Lisin joins a roster of the world’s financial elite flocking to Abu Dhabi, whose sovereign wealth funds oversee more than $1.2 trillion, drawn by low taxes, international connectivity and a comfortable lifestyle. Earlier this month, the emirate said it plans to expand ADGM tenfold to make it one of the world’s largest financial districts. 

Hedge fund billionaire Ray Dalio is setting up a branch of his family office in the sun-splashed city-state. Goldman Sachs Group Inc., investment firm Brevan Howard Asset Management and French private equity firm Ardian SAS all plan to open offices at ADGM.

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