Soaring family and entrepreneurial wealth comes under the spotlight in Ras Al-Khaimah next week when financial experts gather at an international summit to analyse the management of established and newly created fortunes. Taking place under the patronage of Sheikh Saud Bin Saqr Al-Qassimi, crown prince and deputy ruler of RAK, the two-day International Ras-Al-Khaimah Family Office and Investment summit on Monday and Tuesday (April 7-8) is being staged at a time when the 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. 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. Osama Al-Omari, CEO and Director General of RAK FTZ, said: “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. “The Middle East private banking business is growing by more than 25 percent a year and the asset value of high net worth individuals in the region has grown by over 29 percent. Liquid wealth held by wealthy individuals in the UAE is forecast to rise dramatically after 2008. “Meanwhile, the largest banks have scaled up their private banking divisions, opened new offices and recruited bankers who can manage the assets of the already existing wealthy families and the new wealthy class of entrepreneurs in the Gulf.” Taking place at the Ras Al-Khaimah Hilton hotel, the conference will be jointly chaired by Dr. Ludovic Verbist, managing director of Swiss-based AAMIL Ltd, a leading provider of international financial services, and Dr Nabil Charaf, attorney at law and president of Financial Events International, the event organisers. 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 program will include a tour in RAK Free Trade Zone- Business Park to view the ongoing business projects and the stat-of-art facilities. The Ras Al-Khaimah Free Trade Zone Authority was founded in 2000 and has then been operating successfully under the patronage of Sheikh Faisal Bin Saqr Al- Qassimi, chairman and Oussama El-Omari, chief executive officer. Ras Al-Khaimah, only 45 minutes from Dubai, is fast becoming the investment destination by choice of investors from across the globe. With access to over 2 billion consumers and awarded “Best Emerging Free Zone” for the second year running, RAKFTZ has already developed into a world-class business hub with state-of-the-art infrastructure and hi-tech facilities for industrial growth and development in less than ten years of its inception. It has created a system of four unique Free Zone Parks to serve every investor - the Business Park, Industrial Park, Technology Park & Al-Ghail Park, situated at different locations across the Emirate of Ras Al-Khaimah and each offering offices, equipped warehouses & land facilities. The geographic location and proximity of Port Saqr positions RAKFTZ as the first port of call for all the northern emirates. Efficient administration procedures ensures ease of trans-shipment and swift access to countries around the world. Port Saqr is closer to the main shipping lane traversing the Strait of Hormuz, and RAK is the closest emirate to the markets of Iran and the CIS, Pakistan, India and within easy reach of China and the Far East. __
