What Are Family Offices Up To in the Middle East?

Very few family offices exist in the region, at least as they might operate like in Europe and North America, despite the large number of wealthy families in the Arabian peninsular. “There are maybe just five family groups in the UAE that could be said to have set up sophisticated family offices,” says Fathi Ben Grira, CEO of Menacorp, an Abu Dhabi-based corporate financial group. “May be a few more in Saudi Arabia and a few in Kuwait, but there are really not a great deal of well organised family offices in the region.” Menacorp is owned by the Bin Hamoodahs, a prominent Emirati family dynasty.