Family offices in the Middle East are becoming increasingly professionalized, with strong succession plans and increased involvement from the next generation. These are among the findings of a new survey by Ocorian, a global provider of services to family offices:
The survey, which focused on family office professionals working in Bahrain, Saudi Arabia, United Arab Emirates, and Egypt, found that 88% said Middle East family offices have become more professional in the past five years. Almost two-thirds (65%) said one way they have done this is by developing strong succession plans, though 48% said creating a robust succession plan is a major challenge.
The survey also found that next-generation family members are increasing their involvement in the family office, with 84% focused on the long-term sustainability of the office and 68% saying next-generation family members are becoming more involved in investment strategy. With regard to the latter, 79% of respondents say younger generations are focused on digital assets. In addition, 74% of respondents say NextGens’ involvement in investment strategy has increased the family office’s appetite for risk.
Read more: Next Generation Is Becoming More Involved in Middle East Family Offices.
