Russian steel magnate Vladimir Lisin has extended his business ventures into Abu Dhabi, registering multiple offices and creating two SPVs, Serenity II Holdings and Nebula II Holdings, in Abu Dhabi Global Market (ADGM), according to the registry of the business hub. Earlier this year, Lisin had already set up four entities in the financial free zone. While the exact activities of these new firms remain undisclosed, SPVs are often utilized by affluent individuals to establish family offices and manage private assets. Abu Dhabi has become a preferred destination for the global financial elite, drawn by the emirate's sovereign wealth funds, which oversee more than $1.2 trillion, as well as its appealing blend of low taxes, strong international connections, and luxurious lifestyle. In an effort to further bolster its financial standing, Abu Dhabi recently unveiled plans to expand ADGM tenfold, transforming it into one of the world's largest financial districts. This growth trajectory has attracted prominent figures such as hedge fund billionaire Ray Dalio, who is establishing a branch of his family office in the sun-soaked city-state.