In the late 1950s, the discovery of oil sparked an economic revolution in the UAE. The country has become a modern and cosmopolitan destination, famous for its breathtaking skyscrapers, luxurious resorts, and thriving business environment. Additionally, it has evolved into a bustling hub for trade, finance, and tourism, attracting family offices from all over the globe to reside and work in its lively cities.
This insight explores the UAE family office landscape, discusses current trends, and highlights well-established family offices in the region.
The UAE family office landscape
Tax-efficient environment
The UAE is known for its tax-efficient environment and has built its name for being a safe haven for ultra-high-net-worth individuals and families. With no estate and inheritance taxes, it is ideal for wealth management. It also has no personal income or capital gains tax, which enables family offices to optimise their wealth management strategies and maximise investment returns. Furthermore, Dubai also offers a range of double taxation avoidance agreements, providing further benefits and flexibility for international family enterprises and cross-border investments.
Strategic location
The United Arab Emirates is located at the intersection of Europe, Asia, and North Africa, making it a prime location for global business. This strategic location offers unparalleled connectivity to global markets and is a gateway for international trade and investment. In addition, the country’s world-class infrastructure, including airports and seaports, provides seamless travel and logistics, making it the perfect location for family offices seeking a strategic advantage in managing global wealth.
Robust economy and stability
Although 30% of the country’s GDP is directly based on the oil industry, the UAE’s non-oil sector continues to grow. The country is committed to economic diversification, focusing on the finance, trade, tourism, and real estate sectors, creating a stable and robust business environment.
Dubai’s proactive government policies, investor-friendly regulations, and world-renowned legal framework ensure a secure and transparent business climate, instilling confidence among family offices seeking long-term stability and growth.
Free trade zones
There are more than 40 Free Trade Zones in the country, which cater to particular industries and provide benefits such as tax advantages and support services. Setting up a Free Zone enables family offices to retain complete ownership of the business entity and its profits. That creates a thriving business environment that presents many chances for networking and co-investment for family offices, high-net-worth individuals, entrepreneurs, and investors across the globe.
Current family office trends in the UAE.
According to the Henley Private Wealth Migration Report 2023, approximately 4,500 millionaires will move to the UAE in 2023. This makes it the second most sought-after country for high-net-worth individuals (HNWIs) after Australia. Furthermore, earlier this year, Ray Dalio established a branch of his family office in Abu Dhabi as part of his expansion in the Middle East.
To sum it up, the UAE has become an attractive spot for family offices because of its tax-efficient policies, stable economy, strategic location, and many free trade zones. The recent trend of millionaires and top investors flocking to the region confirms its increasing popularity as a centre for family office activities. This makes it a land of great potential for wealth management and investment opportunities.
We rounded up a few companies that you might find interesting.
Alwy
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IQ-EQ
IQ-EQ is a leading investor services group providing a comprehensive range of compliance, administration, asset, and... Learn more
Northern Trust Family Office Technology
Northern Trust is a preeminent global financial institution that provides asset servicing, investment management and... Learn more
Nines
Discerning families and family offices use Nines as a centralized household manual and operating system to simplify... Learn more
Concentric
Concentric partners with sector-defining founders to create new technologies that disrupt the status quo and solve the... Learn more
WIZE by TeamWork
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The largest family offices in the UAE
Daher Capital
Daher Capital is a single family office and the investment arm of the Daher family. Michel Daher founded Daher Capital as his private investment vehicle. After establishing a very successful food manufacturing and distribution business in the early nineties, Michel started investing his earnings in publicly traded companies and real estate worldwide.
The private office of Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan
The Al Nahyan family, as the ruling family of Abu Dhabi, holds significant power within the Emirates. Various family members have private offices, each with an investment focus. Al Nahyan’s private office primarily invests in real estate and private equity, focusing on sustainable technologies, healthcare, and agro-tech.
Al-Huraimel Investments
Al-Huraimel Investments is a single-family office in the emirate of Sharjah. It was founded in 1988 by H.E. Issa Khalfan Al-Huraimel and his sons. Al-Huraimel Investments is on residential and commercial real estate development in Dubai, Abu Dhabi and Sharjah. The firm also has other assets in private equity and other diversified investments in the Middle East region.
Kasamar Holdings
Kasamar Holdings is an Abu Dhabi-based single-family office focused on investing in regional private equity, developed markets real estate, and global public securities. Dr Kassem created Kasamar Holdings after Al Noor was acquired by a large international hospital group in early 2016, making it an FTSE 100 company.
SBK Holdings
Headquartered in the United Arab Emirates, SBK Holding LLC is a single-family office belonging to His Highness Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan. The group currently has 10,000 employees in the UAE. It engages in various business activities, from hotels, resorts, and real estate to infrastructure development, newspaper publishing and distribution.
Al-Futtaim Group
Established in 1930, Al Futtaim Group is a family-owned conglomerate with headquarters in Dubai. Its operations span across the automotive, finance, real estate, retail, and healthcare sectors. It employs 33,000 people. The group owns 100% of Orient Insurance, 83.3% of the Emirates Investment Bank, and 26.3% of the Commercial Bank of Dubai. Abdulla Al-Futtaim and family had a net worth of $2.4 billion as of July 2023.
Al Ghurair Investments
Al Ghurair is a diversified family enterprise that was founded in 1960. It operates in 50 countries across various sectors such as food and resources, construction, energy, and venture. With around 28,000 employees, the company’s automotive division signed an exclusive partnership with the Chinese car manufacturer EXEED in March 2023 to distribute its SUVs in the UAE. The net worth of Abdulla Al Ghurair and his family was estimated to be $3.2 billion as of July 2023.
Majid Al Futtaim Holding
Majid Al Futtaim Holding has a variety of businesses including retail, entertainment, real estate, F&B, and lifestyle operations across the Middle East, Africa, and Central Asia. They brought the Carrefour brand to the region and have the right to operate it in 30 countries. The company has 458 Carrefour stores, 29 shopping malls in five countries, and 13 hotels (11 in the UAE and two in Bahrain). In 2022, the group’s revenues reached $9.9 billion.
AW Rostamani Group
Founded in 1957, Al Rostamani Group is a single-family office in Dubai. It employs over 4,000 people and has over $2 billion turnover. It has a presence in the UAE, India, and the UK. Its subsidiaries work across various sectors, including automotive, real estate, retail, lighting solutions, travel, and logistics. Arabian Automobiles, an international business of AWR, is the exclusive distributor of Nissan, Infiniti, and Renault.
BRS Ventures
BRS Ventures is a family office in Abu Dhabi, UAE, founded in 1975. It’s responsible for managing and investing the wealth of Dr. B. R. Shetty and his family. The firm manages a portfolio of varied businesses through its subsidiary firms and joint venture partnerships. With a skilled workforce from different nationalities, the diversified business operations headquartered in Abu Dhabi, UAE, have a global presence.
DICO Investments Co LLC
DICO Investments Co LLC is the family office of Hussain Sajwani, established in 1992. It has assets of over $3 billion under management across the region. DICO invests in four core areas: strategic holdings, subsidiaries in growth industries, fast-growing banks, and debt instruments.
Easa Saleh Al Gurg Group
Easa Saleh Al Gurg Group (ESAG), established in 1960 by H.E. It is a conglomerate consisting of 27 companies. The group is involved in multiple industries, including retail, building and construction, industrial and joint ventures. ESAG has a strong presence in both the United Arab Emirates and Oman.
Top 10 Family Offices in Australia
| Rank | Family Office / Group | Principal / Family | Primary Sector Focus |
|---|---|---|---|
| 1 | Dubai Holding | Maktoum Family | Real Estate, Tourism, ICT, and Financial Services. |
| 2 | Mubadala Development (Family/State Hybrid) | Al Nahyan Family | Global Aerospace, ICT, Semiconductors, and Renewables. |
| 3 | Al Futtaim Group | Al Futtaim Family | Automotive, Retail, Real Estate, and Electronics. |
| 4 | Majid Al Futtaim (MAF) Holding | Majid Al Futtaim Family | Shopping Malls, Communities, Retail, and Leisure. |
| 5 | Al Ghurair Investment | Al Ghurair Family | Food & Resources, Construction, Properties, and Energy. |
| 6 | SS Lootah Group | Lootah Family | Construction, Healthcare, Energy, and Education. |
| 7 | Al Naboodah Group Enterprises | Al Naboodah Family | Construction, Manufacturing, and Automotive. |
| 8 | Jumeirah Investment Group | Royal Family Office (Dubai) | Global Luxury Hospitality and Strategic Investments. |
| 9 | Al Tayer Group | Al Tayer Family | Automotive, Luxury Retail, and Real Estate. |
| 10 | GEMS Education (Varkey Group) | Sunny Varkey | Global Private Education and Impact Investing. |
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