How are clients’ needs changing in the Middle East?
There are a couple of important factors influencing families’ requirements. Many of the younger members were educated abroad, for example, and as they grow in influence within the family circle, they bring to the table a global outlook. There is hunger to do things differently, to innovate and to lead regionally and globally.
Families continue to look at diversifying their business interests and are actively focused on succession. In part this has also driven by the increased number of family disputes that have become public.
What are some of the generational contrasts that will shape the future in the region?
Traditionally when families looked to invest abroad, it was in large into real estate – an asset class they were comfortable with – in the UK and the US for example.
Global outlook, travel, social circle and the active participation of female members of local families, who will be heading the family businesses and taking them in new directions.
We have conversations about the desire to diversify into multiple asset classes beyond real estate, technology to take the family business global, and discovering new emerging talent.
Which are the preferred jurisdictions of clients seeking succession planning?
The Channel Islands is favoured by many families and their advisors. Reputation, wealth of advice and knowledge available, and cultural understanding are some of the drivers.
What are the key factors influencing jurisdiction choices?
Experienced professionals that are able to navigate very personal emotional concerns and demonstrate an ability to sensitively address difficult circumstances should a dispute arise. There is also a level of comfort from geographical familiarity and the language — the time zone is also a factor.
Robust regulation and transparency are key when families map out their structuring decisions. Above all, the success, reputation and upkeep of the family name for many generations to come is the ultimate goal.
Find out more about Vistra 2030 and download the report here.
The contents of this article are intended for informational purposes only. The article should not be relied on as legal or other professional advice. Neither Vistra Group Holding S.A. nor any of its group companies, subsidiaries or affiliates accept responsibility for any loss occasioned by actions taken or refrained from as a result of reading or otherwise consuming this article. For details, read our Legal and Regulatory notice at: http://www.vistra.com/notices . Copyright © 2022 by Vistra Group Holdings SA. All Rights Reserved.
Cross-border business and investment in a new era of globalisation
22 Mar 2023
Following the most turbulent period in recent memory, Vistra surveyed over 600 professionals and conducted 20 in-depth interviews to better understand the challenges today’s global businesses and investors face. The result is the tenth Vistra 2030…
Future-proofing operations: Alternative investment funds must accelerate transformation projects post-Covid-19
17 Mar 2021
Missing the mark? Why the future of beneficial ownership rules hangs in the balance
02 Mar 2021
Counting on convergence: Why regulatory cooperation may not have peaked
07 Oct 2020