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UAE’s Affluent Business Owners on Global Expansion Spree

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Staff Writer, TLR

Published on February 20, 2024, 18:04:56

316

Bussiness, HSBC, global, expansion

According to a recent survey conducted by HSBC, multimillionaire business owners in the UAE are planning to expand internationally over the next few years and are increasingly looking at Europe, Asia and the Americas for growth.

HSBC's Global Entrepreneurial Wealth Report 2023 found that 55 per cent of them are considering Europe, while 42 per cent have their sights set on the Middle East and 23 per cent are intrigued by opportunities in Asia.

The survey, which gathered responses from close to 1,000 entrepreneurs across nine markets including the UAE, US, UK, India, Hong Kong and mainland China, highlights that UAE entrepreneurs, possessing fortunes of at least $2 million, have a penchant for expanding abroad due to factors such as access to direct investments, real estate prospects and operational efficiencies.

Richard Van Der Meer, Head of Commercial Banking, UAE, HSBC Middle East, remarked: "Corporates and family conglomerates in the UAE are increasingly expanding internationally. They often start by expanding within the region, with Saudi Arabia being a key growth market, but are now also looking towards Asia, Europe, and the Americas."

Farzad Billimoria, Head of Global Private Banking, UAE, HSBC Middle East, emphasized: "It is no surprise that entrepreneurs and family business owners based in the UAE have a global outlook. The country’s strategic location, pro-entrepreneurial policies, advanced infrastructure, and market access encourage global outreach and expansion."

While the desire to expand globally is apparent, a significant portion of UAE's affluent business owners (56 per cent) are also inclined towards philanthropic endeavours or sustainable investing. However, it is noted that almost one-third of them have not yet broached the topic of succession planning with their families, with a small fraction (13 per cent) indicating no intention of initiating such discussions.

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