UAE Becomes Epicenter of Family Offices: Al Khalifa

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The UAE is turning into an epicenter for Family Offices and family businesses as investor-friendly policies open a gateway for global investors, says Sheikh Abdulaziz bin Duaij bin Khalifa Al Khalifa, who is set to host an event insightful for family offices in the UAE. .

“We are all set to grow in the UAE and some of my current favorites are businesses in electric vehicles, vertical farming, renewable energy, manufacturing, natural resources, education and healthcare. . I see unstoppable growth in the United Arab Emirates, a region deemed strategic for linking the GCC to the rest of the world,” Al Khalifa said. Khaleej times in an exclusive interview.

Al Khalifa’s private office has also invested and assisted companies in key economic sectors in the region.

“I see how more and more family offices and businesses are allocating a significant percentage to impact-related businesses, and I look forward to seeing that number grow even further. being good and doing good with a great team, solid track record and realistic financial outlook has the potential to perform well and grow in the UAE,”

Al Khalifa, a strong proponent of keeping family businesses alive, thinks the UAE’s strong leadership and vision that took center stage from the onset of Covid was admirable. “As soon as the UAE implemented strict security measures for all its residents, it opened its doors to like-minded visionaries from all over the world.”

“Over the past few years, the UAE has taken a leading position as an epicenter and haven for international family offices, businesses and HNW investors to relocate their headquarters, making Dubai their new home for their staff and their families. At a time of heightened international unrest, the security measures taken for the well-being of the people of the United Arab Emirates are next to none. This security network only reassures other companies to relocate to the region,” Al Khalifa said.

“With the ease of moving to the region, applying for visas, business licenses, an attractive tax regime, booming real estate, excellent schools and healthcare, I see the UAE becoming home to single-family offices, multi-family offices and great businesses My private office has facilitated the creation of many family businesses and investors and their networking with families in the UAE, and we look forward to helping many others,” Al Khalifa said.

Coming from a ruling family, Al Khalifa believes that “the importance and expansion of business is essential. I humbly believe that the family business is the foundation of any winning economy”.

Al Khalifa added, “I honor the outstanding work of the government and aspire at my small scale to continue to bring the UAE closer together with exceptional like-minded businesses looking to thrive and relocate to a brilliant region. of positivity and business expansion. The government’s accessibility and openness to help all incoming businesses at short notice is unheard of, and in particular the zest of facilitating business globally by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for United Arab Emirates for foreign trade.

Lombard Odier, a leading global wealth and asset manager with 50 years of experience in the Middle East providing wealth planning solutions, recently revealed that high net worth individuals (HNWIs) in the region are aware of the importance of effective estate planning, but it is less certain that wealthy families have implemented the necessary estate plans to meet the varied needs of their complex family structures.

Given the outsized economic contribution of family businesses in the Middle East, strong family governance is critical to the region’s continued economic success. However, while 87% of the 300 HNWIs surveyed believe that their family business is structured in such a way as to enable effective intergenerational wealth transfer, only 24% say they already have an estate plan in place for all of their private wealth. The difference between younger and older business owners is significant. More than half of older respondents (55%) say they have a comprehensive estate plan in place, compared to just 9% of younger respondents. Conversely, more than a third of younger respondents (36%) do not have any type of estate plan in place but are interested in it, while 26% expressed no interest. The other sponsors have a partial estate plan in place.

Protecting a family business with proper legal, financial, leadership, and healthcare planning is essential for any family office or business. “I think it’s critical for all businesses to have thorough generational planning in place to protect our business today and prepare the heads of families of tomorrow. With this passion at heart, I am excited to host an exclusive gathering this fall for like-minded families from the UAE, Bahrain, Saudi Arabia and abroad to come together in a safe environment. to exchange best practices and experiences. I believe that we become much stronger as a community by sharing our expertise and exchanging notes on best practices in legal, financial and human succession planning. By implementing an action plan for successful family harmony, wealth, health and leadership, we ensure long-term ergonomic and national prosperity,” Al Khalifa said.

Family businesses can diversify and create sustainable businesses provided efforts are made to stay focused and objective, a strained family dynamic can cost the family business money and possibly threaten its long-term generational survival. Family business malaise, when repaired, improves the bottom line and ensures longevity.

“Impact investing and the guarantee we give back to society is essential to us and rooted in our core beliefs. The UAE is home to great startups and emerging companies that aim to make the UAE and the world a better place to live tomorrow,” Al Khalifa concluded.

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