American billionaire investor and hedge fund manager Ray Dalio plans to set up a branch of his family office in Abu Dhabi as part of plans to push into the Middle East, Bloomberg reported on Wednesday.

The new branch will build upon the Dalio Family Office’s existing hubs in the US and Singapore, the report said citing people familiar with the matter.

Dalio is the founder of the investment firm Bridgewater Associates and is estimated to be more than $16 billion, the report said.

The new office will be in Abu Dhabi Global Market, the international financial free zone in the emirate.