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07.04.2008
H.H. Sheikh Saud Bin Saqr Al Qassimi inaugurates RAK Family Office & Investment summit RAK Free Trade Zone Authority sponsors two-day event; Islamic finance assets to grow between 20%-25% in the GCC by 2010
H.H Sheikh Saud Bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, today officially opened the International Ras-Al-Khaimah Family Office and Investment summit. H.H Sheikh Saud Bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, today officially opened the International Ras-Al-Khaimah Family Office and Investment summit sponsored by Ras Al Khaimah Free Trade Zone Authority. Taking place at the Hilton Hotel RAK, the two-day summit has drawn an international line-up of delegates including representatives of leading wealth management specialists, banks, law firms, business consultants and financial advisors. The objective of the event is to reveal the difference existing between the Western Family Wealth Management way and the Islamic Shariah Compliant way and create a debate to which all of the attendees – typically professionals of the financial sector - will participate. The summit has assembled an international panel of financial experts to analyse the management of soaring family and entrepreneurial wealth in the GCC region which is experiencing its most dramatic growth since the petrodollar boom of the 1970. The 13-strong panel will debate a range of key issues including the current needs and growth potential of Family Offices in the UAE, the role of trusts in Family Offices, opportunities for growth in the private banking sector, and the compliance environment in the UAE. The event is organised by Swiss-based Financial Events International, and is jointly chaired by Dr. Ludovic Verbist, Managing Director of AAMIL Ltd, a leading provider of international financial services, and Dr Nabil Charaf, Attorney at Law and President of the organisers. Oussama El Omari, the RAK FTZ General Director said: "In view of the tremendous growth we’re currently seeing in the UAE and other GCC economies, this is very appropriate time to stage a conference which will be analyzing new ways to manage family wealth" "Statistics show that the private banking business in the Middle East is growing by more than 25% a year while the asset value of high net worth individuals in the region has grown by over 29%. After 2008, liquid wealth held by wealthy individuals in the UAE is forecast to rise dramatically. "In addition to investing in equities and debt, ultra-high net worth Family Offices in the GCC area also investing in commodities, private equity, venture capital, emerging markets, hedge funds and real estate, at the same time, the largest banks have scaled up their private banking divisions, opened new offices and recruited bankers who can manage the assets of the already existing wealthy families and the new wealthy class of entrepreneurs in the Gulf." Dr. Hatim Tahir a Dubai-based international financial consultant said "Islamic finance assets will grow at a rate of between 20%-25% in the GCC countries by 2010 as the global worth soars to around US$1.4 trillion" Dr Tahir pointed to recent Sukuk issuances in the UAE totaling more than US$18 billion as a powerful indicator that the Shariah-compliant securitization of the debt capital market is growing rapidly in the GCC. The three latest offerings were the US$1 billion Sukuk Trust Certificate Program launched by Emirates Islamic Bank PJSC, the US$210 million asset-backed issuance of notes on behalf of UAE real estate finance provider Tamweel, and the US$300 million Sukuk Al-Mudarabah issued on behalf of Qatar Real Estate Investment Company (Alaqaria) The summit features a workshop, "The GCC Family Offices, choosing the Family Wealth Management way that best suit their needs". It also includes a tour of RAK Free Trade Zone and ongoing business projects and tourism facilities, as well as a visit to Dubai and a networking opportunity with influential businessmen.
About Ras Al Khaimah Free Trade Zone The Ras Al Khaimah Free Trade Zone Authority was founded in 2000 and has then been operating successfully under the patronage of H.H. Sheikh Faisal Bin Saqr Al Qassimi, Chairman and Mr. Oussama El Omari, Chief Executive Officer. Ras Al Khaimah, only 45 minutes from Dubai, is fast becoming the investment destination by choice of investors from across the globe. With access to over 2 billion consumers and awarded "Best Emerging Free Zone" for the second year running, RAKFTZ has already developed into a world-class business hub with state-of-the-art infrastructure and hi-tech facilities for industrial growth and development in less than ten years of its inception. It has created a system of four unique Free Zone Parks to serve every investor - the Business Park, Industrial Park, Technology Park & Al Ghail Park, situated at different locations across the Emirate of Ras Al Khaimah and each offering offices, equipped warehouses & land facilities. The geographic location and proximity of Port Saqr positions RAKFTZ as the first port of call for all the northern emirates. Efficient administration procedures ensures ease of trans-shipment and swift access to countries around the world. Port Saqr is closer to the main shipping lane traversing the Strait of Hormuz, and RAK is the closest emirate to the markets of Iran and the CIS, Pakistan, India and within easy reach of China and the Far East. About Family Offices A Family Office is a business run by and for a single family whose sole function is to centralise the management of a significant family fortune. Typically, these organisations house family governance, tax, philanthropic, trust and estate professionals as well as integrated investment and financial planning expertise. A core function of the family office is to effectively transfer established wealth across generations while acting as an inter-generational touchstone for the family's collective values and heritage. The first noteworthy family offices in the United States were formed during the late 19th and early 20th century as a result of the tremendous wealth created during the Industrial Revolution. Four of the most well known of these are the Pitcairn, Rockefeller, Phipps and Carnegie families who made their fortunes in glass, oil and steel, respectively.
- Tony Lewis, Total Communications Dubai - also photo
Author: maggy (admin2)
Last modified: Monday, 07.04.2008 - 02:11 More reports from this category all copyright automobilsport.com.
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