"We chose Abu Dhabi because it’s strategically located and has an internationally recognized legal framework," Kishin told Bloomberg, explaining the reason for setting up RB Family Office in Abu Dhabi Global Market.
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Kishin Kumar. Photo by Wiki.sg/Dayana Rizal |
"A family office in Abu Dhabi is a way to establish our presence and allows us to expand our investments in the UAE and the Middle East."
Raj and Kishin are among Singapore’s leading landlords with their Royal Holdings and RB Capital property empire. Kishin is known as the youngest billionaire in the city-state with a net worth of $1.6 billion.
They duo, with an estimated wealth of over $3 billion, are recruiting people for the office which will prioritize real estate investments in retail, commerce and hospitality.
However, the office will only be an extension of their portfolio in Singapore, Kishin said.
"We are still deeply rooted and committed to growing our portfolio in Singapore."
Abu Dhabi, with a lack of red tape, has become a popular investment destination among the world’s richest in recent years.
Billionaires such as Ray Dalio and Leon Black, the co-founder of Apollo Global Management Inc have set up family office branches in the emirate.
Russian steel magnate Vladimir Lisin and India’s Adani family have offices registered in the emirate while Egyptian billionaire Nassef Sawiris has expressed desire to move the family’s investment company there.