“Historically, only one family out of seven has some sort of documented legacy plan in place. This represents a major risk of dilution of these core assets, which are the epicenter of GCC wealth.
There has been a substantial increase in the sophistication of entrepreneurial families, manifested by the rise of use of foundations and single- or multi-family office structures.
Foundations have proved their compatibility with all key regional asset classes – real estate, listed stocks, portfolios, shares in operating companies. They have also proved efficient for both Muslims and non-Muslims.
More than 100 UAE foundations will be created in the UAE alone, and we estimate this number to triple in 2021. More and more people are realising that it is high time they look at their structures and organise their legacy and succession planning properly – and taking action.”