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Why UAE is set to become a hub for family offices and why you should have one?

UAE Hub for Family Offices

Introduction:

The United Arab Emirates (UAE) has emerged as a leading destination for family offices in recent years, thanks to its stable political climate, business-friendly environment, and favorable regulatory framework. With a growing number of ultra-high-net-worth families in the region, the demand for family office services has also been on the rise. In this blog post, we will discuss why the UAE is set to become a hub for family offices and why you should consider setting up one.

Why UAE is Set to Become a Hub for Family Offices?

Favorable Business Environment:

The UAE has a favorable business environment with minimal regulations, low taxes, and no restrictions on foreign ownership. This has attracted a large number of multinational corporations and entrepreneurs to set up their businesses in the country, leading to a thriving economy. This has created an environment for family offices to prosper and has provided a suitable infrastructure for them to operate in.

Growing Ultra-High-Net-Worth Population:

The UAE has one of the highest concentrations of ultra-high-net-worth individuals in the world. The number of millionaires and billionaires in the country has been on a steady rise in recent years, with the region home to over 60 billionaires. This growing population of ultra-high-net-worth families has led to an increase in demand for family office services.

Favorable Regulatory Framework:

The UAE has taken steps to ensure that the regulatory framework for family offices is conducive to growth. In 2019, the Abu Dhabi Global Market (ADGM) introduced a regulatory framework specifically tailored to family offices, providing them with a flexible and efficient regulatory environment. The Dubai International Financial Centre (DIFC) also introduced a similar regulatory framework in 2018, making it easier for family offices to set up in the region.

Attractive Investment Opportunities:

The UAE is known for its attractive investment opportunities, particularly in real estate, infrastructure, and hospitality. Family offices in the region have access to a diverse range of investment opportunities, both domestically and internationally. Additionally, the UAE has been investing heavily in technology and innovation, creating opportunities for family offices to invest in high-growth industries.

A Growing Ecosystem for Family Offices:

The UAE has been investing in creating an ecosystem for family offices. In 2020, the Dubai Multi Commodities Centre (DMCC) launched a dedicated platform for family offices to connect, collaborate and share knowledge. This platform provides family offices with access to a range of services and resources, including investment opportunities, legal and tax advice, and networking opportunities.

Why Should You Have a Family Office in UAE?

Customized Services:

A family office provides personalized services and solutions to meet the unique needs of your family. This includes investment management, financial planning, tax and estate planning, philanthropy, and more. By having a family office, you can ensure that your family’s wealth is managed and protected in a way that aligns with your goals and values.

Greater Control:

By having a family office, you can have greater control over your family’s wealth and assets. You can customize your investment strategy, oversee the management of your assets, and ensure that your family’s wealth is passed down to future generations in a way that aligns with your wishes.

Increased Efficiency:

A family office can help you streamline your financial affairs, making them more efficient and cost-effective. By consolidating your financial activities under one roof, you can reduce administrative costs, simplify your financial reporting, and make more informed investment decisions.

Long-Term Sustainability:

By having a family office, you can ensure the long-term sustainability of your family’s wealth. With a focus on preserving and growing your assets over the long term, you can create a lasting legacy for future generations.

In conclusion

The UAE’s business-friendly environment.

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