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Middle East Wealth Management Forum 2020 - Highlights - Ismael Hajjar

Ismael Hajjar of EY

Feb 10, 2020

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1. What are the opportunities and challenges for this industry in the year ahead?

Video transcript

1. What are the opportunities and challenges for this industry in the year ahead?

The main challenge, and this is something I mentioned on the panel, is really connected to the transition of generation within the family. Because most families are still generation one or generation two within the region. These generation one or generation two individuals are reaching an advanced age, so they're reaching 60, 65, 70, 75, sometimes 80 years old. And so, wealth is going to change hands, and it's about basically how can the family manage that transfer in the most efficient way, and in a way that ensures that the wealth is protected. And therefore there is obviously the legal and tax and regulatory structuring element of it, but there's also the intangible, which is probably the most important, about passing on values and sending a framework that will bind all the family members, and particularly the next gen so that, like I said, the risk that they have, bad behaviours, will be minimised.

 

 
 

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