How are clients’ needs changing in the Middle East?
There are a few major variables affecting the demands of families. For example, many of the younger members have been educated abroad, and as they rise in influence within the family circle, they bring a global perspective to the table. There is a demand for things to be done better, for creativity and for regional and global leadership.
Families continue to work to diversify their business interests and to concentrate extensively on succession. This has also been primarily motivated by the rising number of family conflicts that have become public.
What are some of the generational distinctions in the country that will shape the future?
Typically, when families wanted to invest abroad, in the UK and the US, for instance, it was mostly in property investment, an asset class they were confident with.
Global perspective, travel, social circles and the active presence of female members of local families who are leading and bringing the family businesses in various ways.
We have discussions about the need to expand outside real estate into several asset groups, capability to take the global family business and find new young talent.
What are the customers’ favorite jurisdictions seeking succession planning?
Numerous families and their advisors recommend the Channel Islands. Reputation, the wealth of available guidance and information, and cultural awareness are some of the factors.
What are the main factors that affect the choice of jurisdiction?
If a conflict occurs, seasoned practitioners are able to handle very personal emotional problems and show an ability to cope sensitively with challenging circumstances. The time zone is also a factor, as there is also a degree of comfort from geographical familiarity and language.
When families map out their structural choices, rigorous regulation and accountability are crucial. Above all, the ultimate aim is the prosperity, prestige and upkeep of the family name for many generations to come.
