Back to all finance news

An institutional approach to family wealth management is key: Report

The whitepaper, titled ‘The Multi-Family Office Advantage’, was launched at a roundtable hosted by Lighthouse Canton in collaboration with the DIFC’s Family Wealth Centre

Gulf Business
Gulf Business

16 April, 2025

An institutional approach to family wealth management is key: Report
Image: Getty Images/ For illustrative purposes

TT

16

A new whitepaper released by global investment institution Lighthouse Canton emphasises the critical need for affluent families to institutionalise their wealth management practices to ensure sustainable, long-term preservation and growth of their assets across generations.

The report calls attention to the increasing complexity of managing family wealth, driven by diverse portfolios spanning multiple jurisdictions, asset classes, and governance frameworks.

It also emphasises that family office structures — such as single family offices, multi-family offices, or blended service models — offer a structured yet adaptable framework for navigating these intricacies.

“As family wealth becomes increasingly complex – spanning multiple jurisdictions, asset classes and governance structures – family office structures such as single family offices or multi-family offices, can provide a structured yet adaptable framework for such families to navigate these intricacies,” said Prashant Tandon, MD and CEO for Lighthouse Canton in the UAE.

Prashant Tandon

Key strategic aspects family offices should consider

According to the whitepaper, a modern family office must evaluate several strategic aspects, including talent acquisition, technology integration, risk management, and portfolio oversight.

In addition, families must address broader challenges such as market volatility and the intergenerational transition of wealth.

“The most effective wealth and legacy planning strategies emerge from deep, transparent partnerships that go far beyond traditional financial services. Families must actively seek providers who don’t just manage assets, but who become trusted strategic partners committed to understanding their unique vision, values, and long-term objectives,” Tandon emphasised.

The whitepaper further outlines the advantages of adopting an institutional model in areas including:

  • Structured and scalable investment and specialist services

  • Talent attraction and retention

  • Effective use of technology for multi-asset portfolio consolidation and risk transparency

  • Navigating evolving regulatory landscapes across jurisdictions

“Building a strong foundation for your family office structure and understanding the models which are applicable to your unique position is crucial for any family looking to secure their legacy. What services you require, the talent stack you will require, what technology you can leverage, how do you adapt to evolving risks and regulations, and how do you balance the cost of running your family office – these are all key aspects that families must evaluate when choosing a model that suits their needs,” said Tandon.

The whitepaper, titled ‘The Multi-Family Office Advantage’, was launched at a roundtable hosted in collaboration with the Dubai International Financial Centre (DIFC)’s Family Wealth Centre.

Read: How family businesses can preserve wealth, create legacies

Hajj 2025: Saudi announces new hotel, accommodation rule

This directive will take effect starting April 29 (Dhul Qada 1, 1446) and will remain in force until the end of the Hajj season

Nida Sohail
Nida Sohail

15 April, 2025

Hajj 2025: Saudi announces new hotel, accommodation rule
Image credit: Getty Images

TT

16

The Ministry of Tourism in Saudi Arabia has instructed all hospitality establishments in Makkah to avoid providing accommodation to individuals who do not possess a Hajj permit or an official entry permit for work or residence in the city during the Hajj season.

According to a report in the Saudi Gazette, this directive will take effect starting April 29 (Dhul Qada 1, 1446) and will remain in force until the end of the Hajj season.

Read-Hajj 2025: Last summer pilgrimage for the next 16 years

The Ministry of Interior also announced on April 12 that, starting Tuesday, April 29, individuals holding any type of visa other than a Hajj visa will not be allowed to enter or remain in Makkah.

In partnership with the Saudi Data and Artificial Intelligence Authority (SDAIA), the ministry has also launched the Tasreeh Platform—a unified digital system for issuing Hajj permits.

This platform facilitates the issuance of licenses and permits that authorize both domestic and international pilgrims to enter Makkah and the holy sites. It integrates with the Ministry of Hajj and Umrah through the Nusuk platform.

The platform also enables workers and volunteers involved in Hajj activities, as well as the vehicles transporting them, to enter Makkah and the holy sites. Permits can be viewed through the national application Tawakkalna.

Functions of the Tasreeh Platform

Developed by SDAIA in collaboration with all government agencies involved in serving Hajj pilgrims, the platform performs the following functions:

  1. Enhances technical integration among government and service agencies involved in Hajj.
  2. Standardizes, organizes, and coordinates procedures during the Hajj season.
  3. Contributes to delivering high-quality services to ensure pilgrims can perform their rituals with ease and comfort.

Model for Innovative Technology

The Tasreeh Platform enables security personnel at Makkah’s entry points to automatically read and verify permits via the Maidan application.

It represents a significant leap in the use of innovative technological solutions, offering greater flexibility and speed in issuing licenses and permits through seamless integration across relevant agencies.

Dubizzle snaps up Property Monitor in real estate data play

The acquisition strengthens Dubizzle Group’s leadership in real estate classifieds and technology

Gulf Business
Gulf Business

15 April, 2025

Dubizzle snaps up Property Monitor in real estate data play
Image credit: Supplied photo

TT

16

Dubizzle Group, the MENA region’s leading digital marketplace group, announced today the acquisition of Property Monitor, a premier real estate market intelligence platform in the UAE.

Read-Dubizzle Group acquires Egypt automotive platform Hatla2ee

This acquisition strengthens Dubizzle Group’s leadership in real estate classifieds and technology, adding to its portfolio of market-leading brands such as Bayut and dubizzle. By integrating Property Monitor into its real estate ecosystem, Dubizzle enhances its value proposition for agencies and developers with a more comprehensive, data-rich user experience.

Empowering data-driven decisions

As a top provider of real estate market intelligence in the UAE, Property Monitor supports key industry players in making data-driven decisions through its SaaS platform, PMiQ, along with APIs, market reports, and automated valuations. With a premier client base that includes the UAE’s leading agencies and developers, Property Monitor has become a cornerstone of the real estate ecosystem for data, analytics, and insights.

Dubizzle Group plans to expand Property Monitor’s offerings by integrating demand-side data, enabling deeper client engagement.

Strong growth performance

From 2022 to 2024, Property Monitor achieved a compound annual growth rate (CAGR) of 55 per cent in revenue and attracts more than 7,700 monthly users—mainly real estate agencies and developers.

“We are delighted to welcome Property Monitor to the Dubizzle Group real estate portfolio. As a trusted and respected brand in the UAE, it complements our market-leading platforms Bayut and dubizzle,” said Haider Ali Khan, CEO of Dubizzle Group – UAE.

“This acquisition creates new opportunities to enhance the value we offer to agents and developers, while reinforcing our position as the UAE’s leading destination for real estate classifieds. It also aligns with our broader strategy of targeted acquisitions that elevate the user experience across the region’s real estate and automotive sectors,” Khan added.

Dubizzle’s third acquisition in two years

This marks Dubizzle Group’s third acquisition in the last two years, highlighting its continued expansion across the MENA region’s digital marketplace landscape.

In 2024, the Group acquired Hatla2ee, Egypt’s top marketplace for new and used cars, and Drive Arabia, a trusted source for automotive news, reviews, and comparisons. These moves have broadened Dubizzle’s reach in both the real estate and automotive sectors.

The acquisition of Property Monitor underscores Dubizzle’s strategic M&A approach—targeting complementary businesses that strengthen its ecosystem, enhance its product offering, and improve the client and user experience.

Dubizzle group’s regional leadership

Dubizzle Group’s flagship platforms—dubizzle and Bayut—lead markets in the UAE, Saudi Arabia, and Egypt, with a growing presence across several MENA countries. The group’s portals collectively receive over 47 million monthly visits and serve more than 15 million monthly users, making them the go-to destinations for online classifieds in the region.

Dubai traffic: RTA mulls flexible working hours, remote work policies

The RTA has also awarded a Dhs786 million contract in early April for the construction of a new bridge to improve connectivity between Bur Dubai and the Dubai Islands

Nida Sohail
Nida Sohail

15 April, 2025

Dubai traffic: RTA mulls flexible working hours, remote work policies
Image credit: WAM

TT

16

The Roads and Transport Authority (RTA) in Dubai has unveiled its Roads and Transport Plan 2030.

According to a report from the Dubai Media Office, the plan is built around four key pillars:

First pillar: 39 strategic projects

The first pillar focuses on road infrastructure and includes 39 strategic projects aimed at developing and enhancing major corridors. A key highlight is the upgrade of Latifa bint Hamdan Street (from Al Khail Road to Emirates Road), along with improvements to Hessa Street, Al Meydan Street, Al Mustaqbal Street, and the Trade Centre Roundabout.

Read-Dubai’s RTA adopts new technology for road assessment

Additional upgrades will target roads in Al Wasl, Jumeirah, Umm Suqeim, Al Qudra, Al Fay, and Al Safa—particularly the stretch between Sheikh Zayed Road and Al Wasl Road.

Second pillar: Transport policy for Dubai

The second pillar addresses Dubai’s transport policy. Several measures have been recommended to improve traffic flow in the emirate, including flexible working hours, remote work policies, dedicated bus lanes, school transport reforms, dynamic pricing for tolls and parking, and expanded truck movement restrictions.

Third pillar: Public transport development

The third pillar focuses on public transport development. Key projects include the construction of the Dubai Metro Blue Line, feasibility studies for suspended transit systems, expansion of dedicated lanes for buses and taxis, and enhancements to both the public bus network and marine transport infrastructure.

Fourth pillar: Smart traffic systems

The fourth pillar emphasizes smart traffic systems. The RTA has launched Phase 2 of the Intelligent Traffic Systems (ITS) project, aiming for 100% network coverage across Dubai. The initiative includes upgrades to traffic incident management, emergency response systems, and the efficiency of signalised intersections.

New bridge

In addition to these strategies, the RTA awarded a Dhs786 million contract in early April for the construction of a new bridge to improve connectivity between Bur Dubai and the Dubai Islands.

The bridge, which will span 1,425 metres, will feature four lanes in each direction and is designed to handle up to 16,000 vehicles per hour. It will rise 18.5 metres above Dubai Creek, with a 75-metre-wide navigational channel to allow for uninterrupted maritime traffic.

Insights: Dubai’s growing role as a global sports, entertainment hub

Locally, Dubai’s sports industry contributes approximately $2.5bn annually to the Emirates’ economy while supporting 105,000 jobs

Damir Valeev
Damir Valeev

15 April, 2025

Insights: Dubai’s growing role as a global sports, entertainment hub
Image: Supplied

TT

16

The world’s first free zone cluster dedicated to the sports and entertainment sectors has been established within the DWTC Free Zone, a space for all businesses in these industries. And its location in the heart of Dubai’s central business district makes perfect business sense.

Why? Because Dubai has steadily established itself as a global powerhouse in the sports and entertainment sectors. The city’s transformation through hosting major events, like Dubai Expo 2020, tournaments and e-sports competitions reflects its strategic positioning on the world stage. While infrastructure and policy incentives often get the spotlight, Dubai’s real edge lies in its ability to attract talent, and cultivate a vibrant, forward-thinking ecosystem that welcomes both emerging ventures and established players alike.

The so-called “Dubai Chocolate Effect” is not just a phenomenon of social media-driven popularity. It is the result of the concentration of aspiring, creative, and talented entrepreneurs in the social and business environment, created and nurtured by the UAE leadership.

A global hub: Dubai

The sports and entertainment markets have shown remarkable resilience and growth. The global sports market is now worth nearly $500bn, while e-sports has evolved from a niche subculture to a over $1.3bn global phenomena with viewership rivalling traditional sporting events.

Locally, Dubai’s sports industry contributes approximately $2.5bn annually to the Emirates’ economy while supporting 105,000 jobs – 3.8 percent of Dubai’s total employment.

What makes Dubai particularly fertile ground for these industries is the region’s demographic advantage where over 60 per cent of the population is under 30 – digital natives who consume entertainment differently than previous generations.

The UAE has been also a pioneer in economic zones development, with over 40 free zones focusing on various industries, creating spaces where innovation can flourish.

Creating the first sports and entertainment cluster within the free zone environment organically complements aspirations of the Gulf nations to host mega events and supports the growth of sports industry in Dubai and across the region.

Beyond standard business advantages

When experts discuss Dubai’s advantages, they often mention the usual factors: strategic location, tax benefits, and world-class infrastructure. The UAE’s ranking at 16th globally for ease of doing business translates to real savings for companies in the fast-paced entertainment world.

However, what’s often overlooked is the human element. Dubai has created a truly global city where ideas from different cultures don’t just coexist but actively cross-pollinate. Meetings in Dubai frequently feature perspectives from multiple continents shaping a single project, each bringing unique insights on how sports and entertainment resonate in their home markets. You can meet a person from literally any country in the world in Dubai.

Dubai’s pioneering regulatory framework and robust infrastructure have been crucial in shaping the emirate’s sports sector, with government support as an integral priority in Dubai’s vision to become the world’s best city to live and work in.

Where tech meets tradition

Dubai effectively bridges traditional sports with emerging technologies. The region’s gaming market is booming, driven by high internet penetration rates and a culture that eagerly embraces innovations like VR, AR, and blockchain.

Local e-sports tournaments have grown from modest affairs to events that attract international sponsors. Sports medicine specialists are adapting their expertise to address the unique physical demands of e-sports athletes. Data analytics firms are finding new applications for measuring athletic performance.

These interconnections create a rich ecosystem where traditional categories begin to blur. A VR fitness application can simultaneously be a tech product, a sports tool, and entertainment content – and in Dubai, it can find support for each aspect of its development.

Collaboration: The key to growth

Despite this progress, the full potential of Dubai’s sports and entertainment business sectors remains untapped. The key to further development is deeper collaboration, not just between businesses, but across the entire ecosystem including government entities, educational institutions, and community organisations.

This is where specialised zones and accelerators can make a difference, by bringing diverse stakeholders together. When sports tech startups connect with established federations and leagues, when healthcare researchers interact with performance coaches, when rights owners can network with investors, and sports and talent agencies can rub shoulders with the artists, sports stars and media personalities they seek to represent, the resulting innovations can be transformative.

The establishment of ISEZA as a dedicated cluster within the DWTC Free Zone represents a significant step in this direction, providing companies opportunities to share resources and build complementary services, working closely with key authorities such as the UAE Ministry of Sports, Dubai Sports Council, and UAE National Olympic Committee.

Looking forward

Dubai has repeatedly demonstrated its capacity to reinvent itself and stay ahead of global trends. The city’s next chapter will be defined by how it nurtures creative industries like sports and entertainment. The foundations are already in place: world-class infrastructure, a supportive business environment, and a diverse population.

The new sports strategy for Dubai focuses on key areas including sports clubs, infrastructure for sports facilities, e-sports, sports tourism, and sports technology. This strategic approach, combined with plans to develop multipurpose arenas, community leisure and fitness facilities, cycling tracks, and other sports infrastructure, demonstrates Dubai’s commitment to long-term growth in the sector.

For young people especially, these sectors offer more than entertainment – they provide career pathways that didn’t exist a generation ago. From sports physiotherapy to game design, from event management to performance analytics, new professional opportunities are emerging that align with Dubai’s strategic vision of being a global destination for sports, entertainment, and tourism.

The future depends on how effectively connections are built – including between traditional sports and digital innovations, between global brands and local talents, and between commercial objectives and community benefits. As Dubai continues fostering these connections, it will solidify its position as a global hub for sports and entertainment.

The writer is the CEO at ISEZA.

By the numbers: Why Dubai International Airport is world’s busiest

The airport welcomed 92.3 million guests in 2024, surpassing its previous all-time high of 89.1 million in 2018

Nida Sohail
Nida Sohail

15 April, 2025

By the numbers: Why Dubai International Airport is world’s busiest
Image credit: WAM

TT

16

Dubai International Airport remains the world’s busiest airport in terms of international passenger traffic for 2024, according to a report released today by Airports Council International (ACI) World.

According to a WAM report, global passenger traffic in 2024 totalled 9.5 billion, marking an increase of 9 per cent from 2023, and a gain of 3.8 per cent compared to pre-pandemic levels in 2019.

Read-DXB: How many passengers did Dubai airport handle in 2024?

The 10 busiest airports, representing 9 per cent of global traffic (855 million passengers), recorded an increase of 8.8 per cent from 2023, and an 8.4 per cent rise compared to their 2019 results (789 million passengers in 2019).

Hartsfield-Jackson Atlanta International Airport retained its top position, followed by Dubai International Airport and Dallas Fort Worth International Airport.

Air cargo volumes are estimated to have increased by 8.4 per cent year-over-year (up 3.9 per cent versus 2019), reaching over 124 million metric tonnes in 2024.

“Amid global challenges, the resilience of the world’s busiest airports shines. These hubs are vital arteries of trade, commerce, and connectivity. As air travel grows, ACI World stands ready to support its members, ensuring the smooth flow of people and goods that drive global economic, social, and cultural progress,” said ACI World Director-General Justin Erbacci.

What sets Dubai International Airport apart?

  • The airport welcomed 92.3 million guests in 2024, surpassing its previous all-time high of 89.1 million in 2018.
  • The 2024 results exceeded forecasts by nearly 200,000 guests, underscoring DXB’s strong global appeal.
  • Over the past decade, DXB has welcomed more than 700 million guests across over 3.3 million flights.
  • Since 2014, DXB has topped Airports Council International’s rankings as the world’s busiest international airport.

New benchmarks

  • With connections to 272 destinations across 107 countries served by 106 international airlines, DXB continues to set the standard as one of the world’s most connected airports.
  • DXB handled 2.2 million tonnes of cargo in 2024, a sharp increase of 20.5 per cent from the previous year, when the hub registered 1.8 million tonnes.
  • Total flight movements rose by 5.7 per cent in 2024 to reach 440,300, with a load factor of 78.1 — a marginal increase of 0.3 per cent for the year.

More news in finance