Dubai goes after UHNW families
The Dubai International Financial Centre this morning it had relaxed regulations to attract ultra wealthy families and single family offices.
The new rules establish a platform for wealthy families to set up holding companies at the DIFC to manage private family wealth and family structures anywhere in the world, according to online daily Arabianbusiness.com.
Dr Omar Bin Sulaiman, governor of the DIFC said: "In recent times, family offices have become highly significant on the global economic landscape.
"In the Middle East, where more than 75% of firms are family-run and with total assets in excess of $1 trillion, the need for a specialised legal and regulatory framework is especially acute."
"In contrast to conventional financial institutions, SFOs have no direct public liability as shareholders are bloodline descendants of a common ancestor.
"As such, their regulatory requirements differ significantly. By establishing the new regulations, the DIFC is once again reaffirming its commitment to family run businesses thus addressing its desire to make the DIFC a hub for local, regional and international family offices."
According to the most recent Merrill Lynch and Capgemini report, the Middle East is one of the fastest growing regions in the world, with high net worth population expanding by 11.9% a year.
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