Industry leaders from around the world discussed how global family offices in the UAE are embracing diversification and sustainability during a session titled “Trends in Family Wealth” at Investopia Conference 2023.
The session was hosted by Nabyl Al Maskari, Executive Chairman, Al Maskari Holding, Mr. Zaid Al-Qaimi, Managing Partner, Patrimium Multi Family Office, Mr. Patrick Tsang, Chairman, Tsangs Group, Mr. Ismael Hajjar, Partner, Private Business and Family Office, PwC, and Mr. Todd A. Goergen, Managing Partner, Ropart Asset Management Funds.
Nabyl Al Maskari, Executive Chairman, Al Maskari Holding, emphasized the critical role that family offices play in achieving sustainable development goals (SDGs) in the Middle East region. According to him, family offices must focus on creating empowerment without capital while remaining mindful of issues such as gender inclusion and environmental sustainability. He also highlighted the need for significant capital from family offices, in addition to investors, to ensure sustainable development.
Zaid Al-Qaimi, Managing Partner at Patrimium Multi Family Office, highlighted the increasing sophistication of family offices in the UAE and the wider region. He noted that family offices have become more diversified in the past decade, employing investment professionals and exploring various asset classes such as private equity and venture capital.
Patrick Tsang, Chairman of Tsangs Group, discussed the shift in focus for family offices since the COVID-19 pandemic. He noted that family offices, traditionally conservative with a focus on wealth preservation, have become increasingly interested in venture capital and private equity.
Meanwhile, Todd A. Goergen, Managing Partner at Ropart Asset Management Funds, provided insights into the US perspective on family offices. He emphasized the history of US family offices in taking risks, in contrast to Asian family offices’ more conservative approach. He also mentioned the portfolio approach of US family offices, investing a small percentage of their wealth in various assets, including Bitcoin, and the welcoming business environment in the US.
As a Partner at PwC’s Private Business and Family Office, Ismael Hajjar highlighted the UAE’s potential to become a global advisory hub for private wealth and family offices. He noted that the UAE is increasingly attracting global families interested in moving their tax residency to the country, and new regulations in ADGM and DIFC for single family offices are paving the way for this.
Investopia conference 2023 focuses on the theme “Envisioning Opportunities in Times of Change” and three sub-themes: Envisioning Opportunities in Today’s Economy, The Future of the Wealth of Nations, and Growth Opportunities in Times of Decarbonization. The conference this year includes 35 sessions and roundtables, and brings together more than 2000 participants like investors, government officials, thought leaders and entrepreneurs, from more than 40 countries.
