WEALTH & INVESTMENT
Distinguishing Features Describing where GCC countries distinguish themselves in wealth creation, how digital solutions increase options, and the demand for talent, Ali Janoudi Head of Wealth Management Middle East & Africa at UBS Global Wealth Management talks with MEA Finance about wealth and investment services in the Middle East
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hat is driving the growth of wealth management and investment services in the GCC and the Middle East?
Like in any other part of the world, the demand for wealth management services and investment advice is correlated with the creation of new wealth. Where GCC countries differ, is that this wealth creation has been more accentuated over the past decade than elsewhere. And this trend will continue in the near future, supported by energy prices leading to a projected GDP growth for the GCC countries of 5.9% in 2022 vs 2.6% for the world economies. Over that same period, we have seen an emergence of entrepreneurs, some in new world economies, in line with the governments’ stated program to diversify the region away from fossil energies. It is worth noting that the amount of startup funding in Saudi Arabia for the whole year of 2016 was surpassed every month in 2021, and that the number of IPO applications on the Saudi bourse have doubled to date compared to last year. Qatar noteworthily innovated in 2021 through several transactions on the newly created Qatar Equities Venture Market
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Ali Janoudi Head of Wealth Management Middle East & Africa at UBS Global Wealth Management
enabling a direct listing method, without an IPO process prior to listing. The demand for wealth management services has also grown in parallel with local investors becoming more global in their thinking, as well as more demanding with respect to the solutions required for their individual needs. UBS’s scale is a major advantage here, as it enables us to
Banking and Finance news in the MEA market
develop an unparalleled offering, reflecting the views of our Chief Investment Office, whose thought leadership comes from 200 investments specialists around the world in 11 key financial hubs.
How can private banking, wealth management and investment be successfully transitioned to a platform-based service and retain its bespoke appeal? D i g i ta l i s of te n u n d e rsto o d a s standardization. We believe that the key benefit of digital solutions is the convenience it brings in a very personalized way. At UBS, our vision is to convene the global ecosystem for investing where thought leadership is impactful, people and ideas are connected, and opportunities are brought to life. There are several initiatives underway to bring our vision to life, for example the recent acquisition of Wealthfront, an industry-leading, digital wealth management provider. Let me pick another one, Circle One, an app we recently launched in APAC before a global rollout which will include the Middle East. UBS Circle One is a new digital platform that brings the best of UBS’ global ecosystem to clients. This leadingedge innovation connects clients to experts and thought leaders with tailored actionable ideas. With this innovation, UBS will deliver research and solutions in an engaging and convenient way. Clients get new daily content based on the latest UBS CIO House Views through short videos, podcasts and interactive live webinars, complementing traditional investment reports and physical events. Clients will also be offered timely actionable ideas and investment opportunities at their fingertips, where they can then choose to invest or trade through our mobile banking app.
