The choice of the UAE as the place in which to open the firm's first non-US office speaks volumes about the importance of the Gulf region in international markets today.

GID, the US-based alternative investment management firm with more than $30 billion in assets under management, has set up its first international office in the United Arab Emirates.

The UAE operation will be led by Jamal Saab, senior managing director (pictured), who has more than 25 years’ experience in the Middle East.

The firm, which is a real estate investor, operator, developer, and fiduciary, has operated multi-family, industrial, and mixed-use real estate for more than 60 years. 

The choice of the UAE as the first non-US base for this firm highlights how the Gulf region, and financial hubs such as Dubai and Abu Dhabi, are increasingly competing against the likes of Switzerland, the UK and Singapore, for example.

There has been considerable activity among firms outside the region setting up in the Gulf, such as Bank of Singapore, IQ-EQ, Farro Capital, Ogier and Mauritius Commercial Bank, among others.

Jurisdictions such as Dubai have been opening doors to family offices, to take another example.