Dynamo Software announced today further growth of its already established EMEA presence by expanding into the United Arab Emirates (UAE). The company has opened an office in Dubai and appointed Tarek Ghannoum as Dynamo’s Regional Director of the Middle East.
To further build its UAE presence, Dynamo will sponsor the leading alternative investments management conference, AIM Summit, in Dubai, on November 21 and 22, 2022.
Globally, alternative investments continue to attract investors in regions like Asia-Pacific (APAC), Europe, Latin America, and the Middle East. According to the 2021 EY Global Wealth Research Report, the Middle East Alternative investment usage level is the second highest globally, surpassed only by Latin America.
Data and analytics firm Preqin estimates that the total alternative assets under management will reach $17.2 trillion by 2025. That’s a 320% increase from $4.1 trillion in 2010. Dynamo research conducted in September 2022 further underscored these growth intentions. According to the Dynamo Frontline Insight Report, alternative investments are expected to remain a key strategy for LPs and asset allocators moving into next year. Ninety-six percent of decision-makers participating in the survey said they will either increase (55%) or maintain (41%) their allocation to alternatives.
“Led by the UAE, the Middle East market for alternative investments has transitioned from emerging to established in recent years,” explained Ghannoum. “The Middle East has seen an unprecedented level of financial businesses relocate or open offices in the region for its tax and regulatory advantages. Even as the market matures, it is still relatively underserved from a FinTech standpoint. Delivering Dynamo’s advanced alternative investments platform to GPs and LPs in the region will help them scale their operations through much-needed automation.”
While expanding into the Middle East, Dynamo will continue to invest in strategic operations and growth throughout North America, Europe, and APAC.
The current bear market is creating ample opportunity for investment firms to refocus on technology as a business enabler. In fact, Dynamo’s recent research indicated the ability to better enable internal teams to manage new investment structures will be a top priority for LPs in 2023.
Additionally, Dynamo’s research uncovered that LPs are increasingly interested in systems that keep critical investment data in one centralised location. This may be due to the unprecedented employee turnover many asset allocators have experienced since 2020.
“With our launch into the Middle East, we are able to further support a broader range of clients while capitalising on the increased demand for the management of alternative assets by Middle Eastern investment firms,” said Dynamo’s CEO Hank Boughner. “We’re excited to welcome Tarek to our team and look forward to substantially growing our presence in the region. We’re building a talented team committed to fueling new opportunities and enhancing the Dynamo experience globally.
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