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Middle Eastern Wealth Management
VRL Publishing Ltd, Oct 2007
This report uses 33 case studies of banks and products from 11 different nations to evaluate the market opportunity for new and existing players.
This report explains:
- The current players and products surveyed and analysed;
- The unique characteristics of the region assessed, including demographic, social, political and regulatory factors;
- How to build successful client acquisition and retention strategies for key segments, including high net worth clients, the mass affluent, women investors, entrepreneurs and expatriates;
- The future for Shariah and non-Shariah Finance.
This report is a must read for bankers in the Middle East and those financial service institutions planning on offering services and products for wealth management in the Middle East. Analysing opportunities at the regional and individual market level, it identifies and measures the GCC wealth market. The report discusses the key market trends and competitive dynamics and outlines successful strategies and models of wealth management, while also projecting future trends and growth and outlining the key success factors in the market.
Who should read this report?
Industry
- Financial services
- Card Issuers
Job Title
- Head of financial services, head of product development.
- Head of retail, head of marketing, head of product development.
What are they looking for?
Ideas for innovation, new products and channels, market expansion.
The Current Landscape
The opportunities for wealth managers in the Middle East are only limited by the imagination of the managers themselves. During the last seven years, the region has undergone a financial transformation, with the creation of financial hubs such as the Dubai International Finance Centre, the Bahrain Financial Harbour, Qatar Financial Centre and the announcement of the King Abdullah Financial District (KAFD) in Saudi Arabia scheduled to open in late 2008.
Financial institutions in the Middleb East have become more aware of the opportunities presented since 9/11. World markets have become less friendly for Middle Eastern investors as US regulators have increased scrutiny over all transactions in and out of the US markets. The higher demands of US supervision are considered to be intrusive for HNWIs who seek privacy and have decided to invest locally. These changes in regulatory stature in Western markets have altered the market dynamics of the region creating new opportunities for wealth managers.
The Middle East presents a unique set of challenges for wealth managers. The region’s financial markets of the Middle East are not yet as sophisticated as those of New York, London, Hong Kong or other financial hubs, although they are catching up fast. Nations are composed of significant numbers of expatriates (notably in the UAE where they comprise 88% of the workforce). With much of the region’s population under the age of 25, generational wealth management is a concern for older HNWI. Wealth managers are anticipating a demand for an increased exposure to international investments from the younger generation of HNWI inheritors. Products are not particularly innovative yet, although banks in the region are doing their best to cater for their customers, with for example institutional investment in hedge funds set to surge by as much as five times to reach $40 billion by 2010. Middle Eastern investors have traditionally favoured real estate investments. However, HNWI are interested in expanding the breath of their portfolios. Transformation in the region is not strictly limited to economics since changing attitudes towards women are also helping create a new group of wealthy clients. In addition many nations are tax-free environments and many clients have a focus on real-estate as a key part of their portfolio.
The report is structured around a general introduction setting out the hot topics of wealth management in the Middle East, followed by country profiles for the GCC nations. In addition, within each country profile are the bank case studies offering new perspectives on the key players in the market and their strategies.
The report provides a macro-economic overview of the region and also addresses wealth management issues in potential in non GCC countries including Egypt, Jordan, Lebanon and Morocco.
In addition, the GCC is experiencing significant economic growth – a 6.8% growth in real GDP in 2007. One estimate suggests that the region has 300,000 multimillionaires holding $1.2 million in assets, with 80,000 high net worth clients in Saudi Arabia alone. The profile of wealthy clients is changing
from ‘traditional’ family wealth connected to oil and gas production to that generated from business activities – with banking, construction and support
services particularly prominent.
Using this report
Existing wealth management companies can use this report to get an update on the changing demographics and behavioural patterns of their customer base, as well as the changing competitive landscape in order to formulate more effective strategies.
Using this report, financial services managers, regulators and other authorities will get an insight into the changing behavioural patterns of customers and industry practices.
If you are working in the financial services industry and you are hoping to increase your Middle East operations, you have to know from best practice
and case studies what other banks are doing regarding wealth management. If you are competing in this market, you also need to understand what new products and offerings are being developed.
About the Author
Joseph DiVanna is the Managing Director of Maris Strategies Limited, a Research and Advisory think tank based in Cambridge, UK. Joseph is the author of seven books on financial services and strategy, including best seller The Future of Retail Banking. Joseph is also a speaker and consultant with over 25 years’ experience in the financial services industry.
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