Abu Dhabi – Mubasher: Abu Dhabi-based Lunit announced its acquisition of a stake in the fast-growing wealth management firm Azura Partners , founded by Ali Jamal, a former executive at Julius Baer.

Under this investment, Azura will relocate its headquarters from Monaco to Abu Dhabi, a move that supports the UAE capital's competition with regional financial centers to attract leading global financial companies and funds, and strengthens its position as an international financial center.

Despite the deal, Azura will remain an independent company, with Ali Jamal and the current management team maintaining operational oversight .

According to a statement issued by the company, which did not disclose the financial details of the deal, Azura aims to support Lunit by expanding its team and launching new products, as part of an effort to increase its assets under management, which currently amount to approximately $5 billion .

Commenting on the deal, Ali Jamal said, "Abu Dhabi has become a home for ultra-wealthy individuals and a hub for family offices. Its emergence as a leading financial center offers tremendous opportunities," without disclosing the financial details of the deal .

This acquisition is part of a series of strategic moves by entities affiliated with the emirate, aimed at expanding their investments and consolidating Abu Dhabi's position as a global financial center. 2PointZero , valued at $110 billion, owns a majority stake in Lunit, while sovereign wealth fund ADQ is a major client .

Lunit was founded in 2023 as an alternative asset management firm and has since successfully closed several deals, including an investment in the luxury office tower ICD Brookfield Place in Dubai. Over the past year, it has also executed more than 50 financing commitments, co-investments, and direct transactions .

Azura, founded in 2019, serves ultra-high-net-worth clients, including entrepreneurs and families. It has grown rapidly in recent years, attracting staff from prestigious institutions such as Citigroup and UBS, and opening offices in global banking markets such as Geneva, London, New York, Miami, Singapore, and Dubai .

The Middle East, including Abu Dhabi and Dubai, is an attractive destination for wealthy individuals from around the world, benefiting from its low-tax environment. Global banks have also strengthened their presence in the region to meet the needs of the growing class of high-net-worth individuals .