Blue Owl Capital looks for more Middle Eastern funds in Dubai

Blue Owl Capital Inc. has announced plans to expand their reach by creating a new Dubai office that might help them earn Middle Eastern funds, raising their capital.

According to a person with knowledge of the situation, private credit lender Blue Owl Capital Inc. has officially announced its plans to establish an office and engage a staff in Dubai to concentrate on raising capital.

The insider, who requested anonymity because the information is confidential, claimed that the move is the first step towards a more extensive Middle Eastern presence.

The proposals follow a $1 billion commitment to Blue Owl's technology financing strategy from Abu Dhabi wealth group Mubadala Investment Co. It is the most recent in a string of private credit investments made by the area, which is assuming more and more significance in the $1.5 trillion market.  

Blue Owl's New York-based spokesman declined to comment.

Jefferies Financial Group Inc., Apollo Global Management Inc., and AGL Credit Management, are among the managers who have received anchor capital commitments from the Abu Dhabi Investment Authority for credit investing. Furthermore, Mubadala intends to purchase the majority of Fortress Investment Group, a private credit and equity manager, and has formed a partnership with Ares Management Corp. to acquire direct-lending secondary stakes.

The addition of Blue Owl's new Middle East office will bring the company's global footprint to almost a dozen cities, including Hong Kong, London, Singapore, and Tokyo.