Last week the Dubai International Financial Centre (DIFC), announced the first Global Family Business and Private Wealth Centre (Centre) due to launch on 1 September 2022.
The Centre aims to provide complete support to global family-owned businesses and ultra high net worth individuals to preserve private wealth and increase their global reach. Long term, the Centre will help protect and preserve family legacy through improved governance, risk management, family dynamics and strategy, succession planning with NextGen training and development as the businesses move onto future generations.
DIFC is the first financial centre in the world to create a unique dedicated offering for Private Wealth. The timing is opportune given that an estimated US$1 trillion in assets will be transferred to the next generation in the Middle East during the next decade.
Members of the Centre will also benefit from being part of the region’s largest financial ecosystem, DIFC’s common law framework, legal and regulatory infrastructure, and flexible range of business structures.
This initiative is in line with DIFC’s 2030 strategy objectives and UAE government’s commitment to support family businesses, one of the largest sectors of the UAE economy.
Dubai Managing Partner, Ronald Graham said: “This is an incredibly exciting initiative by the DIFC which demonstrates its strong support and promotion of the Private Wealth sector in Dubai. We look forward to supporting the Global Family Business and Private Wealth Centre and indeed the wider development of Dubai's wealth and asset management sector.”
Our recent Middle East market report gives ultra high net worth UHNW clients some fresh ways to look at some of the thoughts and challenges they are facing.