• December 16, 2018
  • Posted by: Philip Smith
  • Category: News/Blog
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Your POA Attends the Wealth Arabia Summit in Dubai

Introduction

With Christmas just around the corner, we thought it would be a good time to reflect on everything that Your POA was a part of this past quarter. Amongst some very exciting developments that we will be sharing with you in the near future, perhaps one of the most memorable events that we attended was the Wealth Arabia Summit (W.A.S).

The event brought together a blend of high net worth individuals, family offices, real estate and angel investors, entrepreneurs, senior investment executives, wealth/asset managers and private bankers, to discuss all things investment. This year, three new forums were introduced as well as a larger exhibition space including a main stage with six keynote presentations on vital trends shaping the investment space, followed by the Women’s investment Forum, the Real Estate Forum and the Family Affairs Streams.

The Summit was a good opportunity to understand any concerns investors have regarding the volatility that is currently characterizing the U.A.E market, learn of new market trends and network with other noteworthy people in the industry.

Team Favorites

There were quite a few topics that peaked our interest during the summit; the “opening” of Saudi Arabia and what it means for investors and businesses in the GCC, increasing the number of women investors in the U.A.E and how to start an investment portfolio for your children, to name a few. The team’s favorite presentation by far, was the one regarding family and succession planning.

Succession Planning

For years inheritance matters in the U.A.E were always determined by Sharia law—for Muslims and non-Muslims alike. The introduction of the DIFC Wills Service Center in 2015 was groundbreaking in that it allowed registered non-Muslims to be judged according to Common Law for the first time.

A rather recent extension of their services is the introduction of something called “Waqf”— a trust fund aimed at protecting the assets and preserving the family wealth of Muslims. Essentially, in a Waqf, the legal and beneficial ownership of assets are separated such that the primary owner of the asset transfers legal ownership of it to the trustee for the benefit of the beneficiaries. There are three types of trust services: Personal trust, Corporate Trust & Charitable trust.

The introduction of establishments like the DIFC Wills Service Center and services like the Waqf is exciting in that it showcases how the U.A.E is becoming increasingly flexible with its legislature and evolving with the times.

Looking forward to seeing you there next year!

Want to learn more? Click here.

Last week we outlined the top 10 Real Estate words in the U.A.E, click here to find our what they were.



Author: Philip Smith
Philip Smith, LL.B. (Hons.): Founder & Principal of Your POA – The Leading Power of Attorney Company in Dubai and the UAE

Experience the expertise of Philip Smith, the highly-regarded Founder and Principal of Your POA, the premier Power of Attorney company in Dubai and the UAE. Boasting an exceptional legal background, Philip has earned a reputation for his outstanding market knowledge, trustworthiness, and discretion. As an authoritative expert in UAE property matters, strategic advisory, and corporate services, he has advised a diverse range of high-profile clients, adeptly safeguarding their interests while accomplishing their individual objectives....

Philip holds an LL.B. (Hons.) degree and possesses extensive hands-on experience in the UAE. His comprehensive skillset covers property conveyancing, power of attorney representation, private client management, strategic advisory services, business consultancy services, corporate service operations, market entry, asset protection, legal matters, regulatory compliance, real estate, corporate structuring and re-structuring, company administration, and legacy planning.

In addition, Philip's expertise encompasses real estate acquisitions, structuring, ownership transfers, property management, portfolio and account management, corporate structuring and re-structuring, company administration, legacy planning, and asset protection for entrepreneurs and growth companies. This impressive range of skills ensures his clients receive the highest standard of service, tailored to their specific needs.

As the leader of Your POA, Philip directs a dedicated team of professionals committed to upholding his values of excellence and discretion. Together, they have solidified Your POA's position as the top Power of Attorney company in Dubai and the UAE, offering customised services that consistently exceed client expectations.

Place your trust in the proven expertise and impeccable reputation of Philip Smith and the team at Your POA. With an unwavering commitment to understanding and achieving your objectives, and a discreet approach that prioritises the protection of your interests, you can be confident that your affairs are in the hands of seasoned professionals. Philip's wealth of experience and in-depth market knowledge make him the ideal partner for navigating the intricacies of the UAE property and corporate services landscape. Read more