(Bloomberg) -- Raj Kumar and Kishin RK, the father and son duo behind one of Singapore’s biggest property portfolios, are setting up a family office in Abu Dhabi, joining a growing list of rich people helping to cement the Middle East’s status as a haven for the super wealthy.
The entity will be called RB Family Office and will be located in Abu Dhabi Global Market, a free zone located on Al Maryah Island in the United Arab Emirates’s capital, Kishin said in an interview with Bloomberg News.
“We chose Abu Dhabi because it’s strategically located and has an internationally recognized legal framework,” Kishin said. “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.”
RB Family Office will be a first for the family, whose net worth has been estimated at around $3.15 billion. Kishin declined to say how much money the family office will manage. He said the entity is in the process of hiring a team and the office will focus primarily on real estate investments in the retail, commercial and hospitality sectors.
Abu Dhabi has emerged as a go-to hub for the world’s wealthy in recent years, attracting names like hedge fund billionaire Ray Dalio and Leon Black, the co-founder of Apollo Global Management Inc., both of which have set up family office branches in the emirate. Egyptian billionaire Nassef Sawiris has also said he plans to move his family’s investment firm to Abu Dhabi Global Market while Russian steel magnate Vladimir Lisin and India’s Adani family have offices registered there.
Part of the attraction, outside of better access to the Middle East’s already deep pool of money, is the comparative lack of red tape. Family offices in Abu Dhabi can be owned by a single family member (versus a minimum of two in Dubai) and established with registration fees as low as $500. Singapore, by contrast, requires minimum investment amounts and greater disclosures as it steps up scrutiny of family offices following a huge money laundering scandal.
Kumar and Kishin’s move shows “the increasing global confidence in Abu Dhabi’s position as a leading financial hub,” Arvind Ramamurthy, Abu Dhabi Global Market’s chief market development officer, said.
Kishin runs RB Capital, a privately held real estate group that together with his father’s Royal Holdings, oversees an estimated $10 billion property portfolio that spans office towers, malls and hotels across Singapore. Marquee assets include The InterContinental Singapore Robertson Quay and Cuppage Terrace Orchard Road, a heritage dining and co-working precinct near the city-state’s main shopping thoroughfare.
RB Family Office will be an “an extension of our portfolio in Singapore,” Kishin said. “We are still deeply rooted and committed to growing our portfolio in Singapore.”
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