Soaring family and entrepreneurial wealth comes under the spotlight in Ras Al Khaimah when financial experts gather at an international summit to analyse the management of established and newly created fortunes.

Taking place under the patronage of Crown Prince and Deputy Ruler of RAK Shaikh Saoud bin Saqr Al Qassimi, the two-day International Ras-Al-Khaimah Family Office and Investment summit on Monday and Tuesday (April 7 and 8) is being staged at a time when UAE is experiencing its most dramatic growth since the petrodollar boom of the 1970s.

Sponsored by Ras Al Khaimah Free Trade Zone Authority, the event will assemble a distinguished international panel of financial experts to highlight and debate the difference between western family wealth management methods and Islamic Shariah compliant principles, said an official spokesman.

Part of the conference will be dedicated to highlight the investment opportunities, facilities and services offered by RAK Free Trade Zone to its investors and registered companies. The FZ witnessed a massive growth through registering more than 4,500 companies from 106 countries in the few past years.

“The UAE is exhibiting the fastest growth rates since the initial petrodollar bonanza three decades ago, making this a very appropriate time to stage a conference which, among other things, will look at new ways to manage family wealth,” said CEO and director general of RAK FTZ Oussama El Omari.

“The Middle East private banking business is growing by more than 25 per cent a year and the asset value of high net worth individuals in the region has grown by over 29 per cent. Liquid wealth held by wealthy individuals in the UAE is forecast to rise dramatically after 2008.”
 
Taking place at the Ras Al Khaimah Hilton hotel, the conference will be jointly chaired by managing director of Swiss-based AAMIL Ltd, a leading provider of international financial services, Dr Ludovic Verbist and Attorney at Law and President of Financial Events International, the event organisers, Dr Nabil Charaf.

The summit is attracting a distinguished international line-up of delegates, including representatives of leading wealth management specialists, banks, law firms, business consultants and financial advisors.

The 13-strong panel will debate a range of key issues including the current needs and growth potential of Family Offices in the UAE, the role of trusts in family offices, opportunities for growth in the private banking sector, and the compliance environment in the UAE.

The summit programme will include a tour in RAK Free Trade Zone- Business Park to view the ongoing business projects and the stat-of- art facilities. – TradeArabia News Service