Nearly half of the UAE's entrepreneurs do not have succession plans in place to pass their businesses on to the next generation, according to HSBC.
Forty-eight per cent of businesspeople in the Emirates have no such plans, only five per cent lower than the global average, Britain's biggest bank said on Wednesday in a spin-off study of its latest Global Entrepreneurial Wealth Report.
Around 39 per cent of the Emirates' entrepreneurs will pass their businesses to the next generation, while 10 per cent are selling them off, the study found. This compares to global averages of 34 per cent and 10 per cent, respectively.
Those who were able to take over family businesses say they felt trusted by the previous generation, the report found.
“Being prepared for business succession and clearly communicating with family will be key to long-term survival,” Gemma Wild, head of global collaboration for the Middle East and North Africa at HSBC Global Private Banking, said in the report. “Opportunities are abundant, but only those who are prepared will succeed.”
The UAE has rapidly become a hub for entrepreneurs and the wealthy thanks to its strong economic growth and policy reforms it has rolled out to attract investors. Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth people looking to relocate, driven by personal tax incentives and a good quality of life, global property consultancy Savills said in an April report.
The UAE capital also ranked among the top five places for corporate relocations based on corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases, the consultancy said.
The number of millionaires living in Dubai has doubled in the past decade, making it one of the world’s fastest-growing wealth hubs, according to World’s Wealthiest Cities Report 2025 by New World Wealth for Henley & Partners, released in April.
In 2024, Dubai had an estimated 81,200 millionaires, 237 centimillionaires, whose wealth is in the hundreds of millions, and 20 billionaires, according to the report. That compares to 72,500 millionaires, 212 centimillionaires and 15 billionaires in 2023.
“Entrepreneurs, by their very nature, are optimistic and recognise opportunities even within the most constrained circumstances,” HSBC said. “Those in the UAE are no exception: they possess high levels of optimism around their personal wealth growing in the near future.”
UAE entrepreneurs feel more valued
UAE entrepreneurs felt more valued by society compared to their international peers, as they prioritise ethics over pursuing profits, the HSBC study found.
Around 86 per cent of businesspeople in the Emirates claim they feel more valued by the broader community, compared to the worldwide average of 79 per cent, it said.
Business decisions taken by UAE entrepreneurs are driven by purpose, with about 81 per cent saying they align their practices with personal values over profit, the report found. Additionally, 88 per cent of them act to make an impact on society – and this figure is even higher, at 91 per cent, for ultra-high-net-worth people, or those who have a fortune of at least $30 million, HSBC said.
“This could be the reason for their success: with a deep-seated purpose that drives them to succeed beyond mere financial gain,” the bank said.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Company%20profile
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
Company%20Profile
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