Qatar Financial CentreHosts EventFocused on Family Businesses and Succession Planning

The Qatar Financial Centre (QFC) recently hosted a high-profile event titled "Wealth Management Perspectives: Overcoming Challenges & Embracing Solutions" in Doha, Qatar.

The event, which took place on May 2, brought together industry leaders to discuss the complexities and opportunities inwealth management, with a particular focus on family businesses, high-net-worth individuals, and succession planning.

Why this matters: The development of a robustwealth management sector in Qatar has significant implications for the country's economic growth and its position as a leading financial hub in the region. As the global wealth management landscape continues to evolve, Qatar's ability to adapt and innovate will be crucial in attracting and retaining high-net-worth individuals and family businesses.

Distinguished speakers shared their expert insights on overcoming challenges facing local family businesses, HNI structures and solutions, succession planning, and tax and Shariah considerations through panel discussions and a Fireside Chat. QFC's CEO, Yousuf Mohamed Al Jaida, emphasized the importance of developing agile and progressivewealth managersin Qatar, citing the increasing mobility of High-Net-Worth Individuals across geographic bases as a key trend.

In his remarks, Al Jaida stated,"this event holds significant importance for our objectives to develop agile, dynamic, and progressive wealth managers in the country. "He further added,"it is imperative that we capitalize on this phase"of economic shifts, highlighting the need for Qatar to adapt to the changing environment of wealth management.

The QFC offers robust and flexible structures forwealth management, such as Family Offices, Holding Companies, and Trusts. These structures provide vital support, including limited liability protection and customized asset management solutions, suited to the unique needs of family businesses and high-net-worth individuals.

The business-friendly regulatory framework at the QFC ensures streamlined processes and competitive tax incentives, creating an attractive ecosystem forwealth managers. Benefits include 100% foreign ownership, 100% repatriation of profits, and a competitive 10% corporate tax rate on locally sourced profits, creating a conducive environment for wealth management firms to thrive.

Succession planning, a key focus of the event, is particularly relevant for family businesses in Qatar, as many face the challenge of transitioning ownership and management to the next generation. By addressing these critical issues and providing a platform for knowledge sharing, the QFC is taking proactive steps to support the long-term sustainability and growth of family businesses in the country.

The "Wealth Management Perspectives" event demonstrates the QFC's commitment to developing a robust and dynamic wealth management sector in Qatar. By bringing together industry experts and market participants, the QFC fosters a collaborative environment that encourages innovation, knowledge sharing, and the adoption of best practices in wealth management.

As Qatar positions itself as a leading financial hub in the region, the QFC's progressive regulatory framework, attractive incentives, and focus on supporting family businesses and high-net-worth individuals make it well-positioned to become a preferred destination for wealth management firms looking to establish a presence in the Middle East.

Key Takeaways

• QFC hosted "Wealth Management Perspectives" event in Doha, Qatar.
• The event focuses on family businesses, HNIs, and succession planning.
• QFC offers robust structures for wealth management, including Family Offices.
• Business-friendly regulatory framework attracts wealth managers.
• QFC aims to become a leading wealth management hub in the Middle East.