Melqat Asset Management, the hedge fund affiliated with Michel Masaad, is seeking to open an office in Dubai, becoming the latest hedge fund to expand in the emirate, which is bolstering its position as a hub for this economic sector. The company, which is based in London and manages about $1.4 billion, has applied for a license to operate in the Dubai International Financial Centre. It is expected to establish its headquarters in the second quarter, with staff from both investment and non-investment departments. Founded in 2015, the company is now joining a growing list of prominent hedge funds setting up operations in Dubai, including Citadel, which is owned by Ken Griffin.
