Management Views

What Challenges Do Single-Family Offices Face in the Gulf? | Abdulmohsin Al Omran in an Interview with Al Arabiyaa

What Challenges Do Single-Family Offices Face in the Gulf? | Abdulmohsin Al Omran in an Interview with Al Arabiyaa

In a recent interview with Al Arabiya, Abdulmohsin Al Omran, Founder and CEO of The Family Office, discussed the challenges faced by single-family offices in the Gulf and the role of long-term planning in protecting family wealth. Below are the highlights of the interview:

May 23, 2024Management Insights- 1 min
  • Many families around the world invest in single-family and multi-family offices, but this industry still requires significant development in the Gulf.

  • Family offices have diverse needs and often collaborate with accounting firms and firms specializing in establishing offshore companies. The larger the wealth, the greater the number of specialists that family offices need to collaborate with. What many do not expect is the difficulty of managing these human resources. While enthusiasm is high initially, many find it difficult to manage and retain talent over time, leading them to seek external expertise.

  • Family offices in the Gulf have long been experienced in alternative investments such as private equity and real estate, and more recently in private debt. This ratio is comparable to that of the West, and the key difference lies in the application method. While family offices worldwide adopt long term investment policies for future generations, many families in the Gulf still take a more short-term, venture-based approach.

  • The earlier the family starts this type of planning and educates its members on the importance of planning for future generations, the easier it becomes to transfer and preserve wealth.

Watch the full interview above.

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About The Family Office

Since 2004, The Family Office has been the wealth manager of choice for more than 500 ultra-high-net worth families and individuals, helping them preserve and grow their wealth through customized solutions in diversified alternatives and more. Schedule a call with our financial experts and learn more about our wealth management process.

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