An influx of some of the world’s biggest hedge funds, from Millennium Management to Balyasny Asset Management, has pushed the industry’s headcount in Dubai to over 1,000, burnishing the city’s credentials as an emerging hub for the sector.

The planned expansion comes as major fund managers flock to Dubai, attracted by favourable tax conditions and government incentives.

As more clients relocate to the emirate, SGX is looking to strengthen its foothold in the region, adding to its existing presence in nine other countries

Singapore Exchange Ltd. is looking at expanding into Dubai, drawn by the surge of hedge funds that have settled in the United Arab Emirates.