SINGAPORE: RAJ Kumar and his son Kishin RK, the driving forces behind one of Singapore’s largest property portfolios, are expanding their financial empire with the launch of a family office in Abu Dhabi.
The new entity, according to a Business Times report, is named RB Family Office and will be based in the Abu Dhabi Global Market (ADGM), a prestigious free zone located on Al Maryah Island in the UAE’s capital.
“We chose Abu Dhabi because it offers a strategic location and an internationally recognized legal framework,” said Kishin, explaining their decision to set up shop in the Middle Eastern hub.
“Having a family office here enables us to solidify our presence and expand our investments across the UAE and the broader Middle East region.”
RB Family Office: A first for the family
The creation of RB Family Office marks a significant milestone for the RK family, whose combined wealth is estimated at US$3.2 billion.
Kishin, however, remained tight-lipped about the amount of assets the family office will manage. The office, still in its early stages, will primarily focus on real estate investments in the retail, commercial, and hospitality sectors, both within the UAE and across the Middle East.
“We are in the process of building a team to drive the family office’s growth and establish a larger footprint in the region,” Kishin added.
Abu Dhabi: Growing magnet for the world’s wealthy
Abu Dhabi has become a magnet for global billionaires in recent years, with several high-profile figures choosing to establish their family offices in the emirate.
Hedge fund magnate Ray Dalio and Leon Black, co-founders of Apollo Global Management, are among the notable names who have set up offices in the UAE capital.
Egyptian billionaire Nassef Sawiris is also moving his family’s investment firm to the ADGM, while Russian tycoon Vladimir Lisin and India’s Adani family have similarly registered offices in the financial hub.
One key factor driving the rise of Abu Dhabi as a wealth haven is the ease of doing business. Family offices in the emirate can be owned by a single family member, unlike in Dubai, which requires at least two owners.
Additionally, setting up a family office in Abu Dhabi involves lower fees—starting at just US$500—in contrast to the higher costs and more stringent requirements in places like Singapore, where stricter regulations have followed a recent money laundering scandal.
A hub for wealth and investment
The move by the RK family underscores Abu Dhabi’s growing stature as a leading financial centre.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, remarked that the RK family’s decision to establish a presence in Abu Dhabi is a reflection of the “increasing global confidence” in the city’s potential as a top destination for financial and investment activity.
RK family’s extensive property portfolio
Kishin RK currently runs RB Capital, a real estate group that manages an estimated US$10 billion property portfolio along with his father’s Royal Holdings.
The family’s assets include prominent office towers, shopping malls, and hotels across Singapore.
Some of their marquee properties include the InterContinental Singapore Robertson Quay and Cuppage Terrace on Orchard Road, a heritage precinct blending dining, co-working spaces, and retail near the heart of Singapore’s shopping district.
Despite their growing international reach, Kishin emphasized that Singapore remains the family’s primary focus.
“RB Family Office will be an extension of our existing portfolio in Singapore,” he said. “We remain deeply committed to expanding our investments and growing our footprint in our home market.”
As the RK family joins a growing list of wealthy families, establishing a foothold in Abu Dhabi, it is clear that the UAE capital is fast becoming a financial hotspot for global investors.