Transfer of dollars in the region in the region by 2030

The “Inoven Hib” center, affiliated with the Dubai International Financial Center, in cooperation with the Swiss Giulus Bir Global Company for Wealth Management, and the Eurochirir Foundation specialized in developing the infrastructure of global financial markets, launched a report that explains the impact of technology in the process of transmission of wealth, especially in the Middle East .

The report dealt with the complexities of succession at a time when the region stands on the threshold of a historic transfer of wealth of up to a trillion dollars (3.67 trillion dirhams) to the next generation by 2030, as this includes individuals with high financial solvency in the UAE who have seen their assets by 20% , It is worth 700 billion dollars (2.57 trillion dirhams) since 2022.

The report pointed out that digital technologies, such as artificial intelligence, smart contracts, “Blockchain” and coding, provide promising ways to improve transparency and ensure safe and effective transfer processes.

Despite the availability of these new technologies, the report indicated that only 24% of individuals with high financial solvency are currently clear plans for the process of transferring wealth and succession, while 53% of families believe that the matter is very complicated, and it takes a long time to collect, register and plan the asset customization mechanism Among the big families.

“Instance of a tremendous transition of wealth across generations in the Middle East in an era in which the complexity of the governor of wealth is increasing, driven by the categories of expansion and desire to invest in digital assets.” He added: «This report is the fruit of our cooperation with (Julius Bear) and (Eurocker), and aims to take advantage of this turning point to achieve a positive change in the framework of promoting smooth succession of wealth across generations.

Al -Balushi explained: “Our goal is to employ emerging digital technologies to seize the upcoming opportunities, and to enhance the position of the Middle East region as the adopted authority best practices in the field of succession and transfer of wealth between generations.”

For his part, the CEO of “Julius Bear” (Middle East), Ltd. Ali Reda Wali Zadeh, said: “The process of transferring wealth between generations is witnessing great momentum in the UAE and the Middle East in general.”

He added: “As a result of our work closely with the current and future generations, it is necessary today more than ever taking into account the sophisticated scene of the spread of digital assets.”

In turn, the global head of the product and innovation strategy in «Eurochller», Isabelle Delorm, said: “We are pleased to cooperate with the Dubai International Financial Center via (Andoven Hep) and (Giulius Bear) in preparing this report, to clarify the sophisticated scene of the transfer of wealth and its transformational capabilities, where it resulted in This cooperation developed a comprehensive guide to confront the unique regional challenges.