AllianceBernstein LP is opening an office in Dubai, joining a raft of international finance firms flocking to the Middle Eastern hub.

The US investment firm with nearly $700 billion in assets under management said it secured a license to operate in the emirate’s finance center from which it will serve the wider region, including institutional clients, distribution partners and family offices.

The firm last year appointed Jean-Paul Hobeika as head of Middle East Institutions. He will work with Eduard van Nes, head of intermediary sales for Middle East & Africa, who recently relocated to Dubai.

“By opening an office in DIFC, we can move into our next phase, as it will allow us to improve our ability to serve clients through proximity as well as capturing important market opportunities,” said Willem van Gijzen, head of CEMEA Institutions at AllianceBernstein.

Most of the world’s top investment banks, asset managers and, more recently, hedge funds have established their Middle Eastern headquarters in Dubai’s financial hub, a free-zone with its own English-language common law court system. It is now home to about 300 wealth and asset management firms, according to the DIFC’s chief executive Arif Amiri.

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Despite increasing competition from neighboring financial centers in Riyadh and Abu Dhabi, Dubai has emerged as a favored destination for global financiers drawn by its ease of doing business, low taxes and year-round sunshine.

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