Mon, Nov 18, 2019

Business, Banking & Finance
250 HNWIs to attend Dubai summit

More than 250 High Net-worth Individuals (HNWIs) will listen to 32 wealth thought-leaders on the paradigm shift in the $360 trillion global wealth landscape at the fourth edition of the annual Wealth Arabia Summit (WAS) that will take place at the Mina A’ Salam hotel within Madinat Jumeirah complex, Dubai, tomorrow (November 19).

Global wealth grew during the past year by 2.6 percent to $360 trillion and wealth per adult reached a new record high of $70,850, 1.2 percent above the level of mid-2018 with Switzerland making the biggest gains in wealth per adult this year, according to a recent report by Credit Suisse.

US, China, and Europe contributed the most towards global wealth growth with $3.8 trillion, $1.9 trillion and $1.1 trillion respectively, it said. This year's report also provides a deep dive into wealth in the 21st century.

While the century began with a ‘golden age’ of robust and inclusive wealth creation, wealth growth collapsed during the financial crisis and never recovered to the level experienced earlier.

Wealth Arabia Summit anticipates more than 250 high-net worth individuals, family office representatives, angel investors, senior investment executives, wealth and asset managers, private bankers and entrepreneurs to benefit from 32 wealth thought-leaders who will discuss timely and key issues in investment and family legacy.

William Mullaly, editor of Wealth Arabia, will deliver the opening remarks. This will be followed by a presentation on the 2020 Vision by Christophe Lalandre, Executive Vice President, Middle East Team at Lombard Odier. He will discuss the global financial situation with an aim to give light on the edgy issue on potential recession as well as the bright spots on investments, its risks and returns into the next decade.

The emergence of GCC as a rising destination for investments will be highlighted at the Summit. Investment opportunities in the region will be presented by Dr Ryan Lemand, Senior Executive Officer and Board Director at ADS Investment Solutions. Lemand will discuss economic policies and government initiatives being implemented to ensure GCC remains a safe haven for investments.

Opportunities in real estate remain a top interest among HNWIs in Mena region. The region is home to 7,130 HNWIs with a combined net worth of $1 trillion or a minimum of $30 million each in investable assets. More than 74 percent of HNWIs based in Mena own at least one home outside their country of residence, the highest in the world. As GCC real estate sector bounces back from a challenging decade, emerging markets are now attracting regional investors.

The panel on Real Estate in the GCC in 2030 will zero in on emerging opportunities backed by regulatory frameworks and will be discussed by Amer Khansaheb, Managing Director at Khansaheb Investments; Murray Strang, Head of Dubai Office, Middle East, Savills; and Mansour Alsalem, Head of Real Estate Investment Funds, Albilad Capital.

For real estate investment outside GCC, a dedicated panel discussion will take place to be led by Racha Alkhawaja, Group Chief Distribution and Development Officer, Equitativa Group; Richard Bradstock, Head of Middle East, IP Global Ltd.; and Joseph Morris, Partner, Global Capital Markets, Knight Frank.

Further on new opportunities for investments, it is worthy to note that Mena wealth clients are keen to include socially responsible investing or sustainable investing, as well as alternative investments in their portfolios. This shift in alternative investment will be discussed by Alex Gemici, Chairman and CEO, Greenstone Equity Partners, while the discussion on sustainable investment aligned with UN’s ESG will be led by Niels Zilkens, Head of Arabian Gulf and NRI, UBS Global Wealth Management.

Disruptive technology has encroached multiple sectors and industries, including wealth management. The recent years have seen investors not only diversifying their interest but reinventing the way they invest. Providing the big shift are young wealth investors who are tech-savvy and are influential in breaking the traditional business mindset by appreciating the new market value and channels for investments.

Particular interest in this area will be presented at the summit by Mahmoud Sulaiman, Director of Investera, to understand how disruptive technology is reshaping the investment landscape. A separate panel discussion will delve deeper on tokenisation of assets to be led by Ruslan Gavrilyuk, Founder & CEO, TaaS Capital Fund; Tom Bicknell, Partner, Pinsent Masons LLP; Charles-Henry Monchau, Managing Director, CIO & Head of Investments, Al Mal Capital; and Stephan Horvath, Partners, Burj Financial and Founder of Ideations, with Adrianus Schoorl, Local Partners, White & Case LLP as moderator.

The summit also aims to match the rousing investor interest following the success of Careem and Souq. Panellists Hans Henrik Christensen, VP, Dubai Technology Entrepreneur Campus; Walid Hanna, Founder & CEO, Middle East Venture Partners; and Angus Peterson, Partner, Iris Capital (STC Venture) will lead the discussion on investing in start-ups and how to identify its exponential growth potential, with Mirna Sleiman, CEO, Fintech Galaxy, as moderator. Investors will also gain insights on how to spot the next unicorn as will be presented by Mishal Kanoo, Chairman, The Kanoo Group.

GCC, home to 75 to 100 single-family offices, is not immune to the issues and pitfalls of managing a family office.  Zulfiquar Ghadiyali, CEO, Private Office of Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan will lead the discussion on this topic along with Anton Gans, Founder & Managing Partner, Zenith Family Office; Adil Al Zarooni, Chief Executive Officer, Al Zarooni Emirates Investments; and Abhishek Sharma, Founder & CEO, Foundation Holdings.

The imminent entry of young generation taking the business reign is seen as an internal threat among the older generation and wealth advisors. The summit will hold a panel discussion to present ways to bridge the generational gap combining wisdom and fresh approach in business to ensure smooth transition and protection of wealth and legacy for the next generation. Dr Anuraag Guglaani, Partner, Organization Transformation & Expansion Advisory, MB Group; Zoe Cousens, Wealth Management Consultant, Castellet Consulting Ltd.; Shadi Al Nasr, SVP-Head of Sadara Wealth Management, United Arab Bank; and Amna Al Owais, Chief Registrar, DIFC Courts will lead the discussion on succession, wills and inheritance.

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