Personal wealth in the UAE may grow to US$1 trillion by 2020, according to the Boston Consultant Group (BCG).
The consultancy is predicting that the compound annual growth rate of private wealth will be 14.1 per cent up to 2020, significantly higher than its neighbours.
Most of that growth in affluence will be driven by an increase in cash deposits held by the wealthy, it said yesterday.
The UAE’s diversified economy has made it more resilient over the past couple of years than some of its fellow Arabian Gulf nations amid the sharpest drop in oil prices since the global financial crisis that began in 2008.
BCG expects Saudi Arabia’s private wealth will grow at a compound annual growth rate of 2.7 per cent from last year to 2020 while Kuwait’s rich will increase their assets at an annual rate of 5.9 per cent in the same period.
That does not mean that the UAE’s neighbours overall will get poorer. Middle East and African wealth is set to reach $11.8tn, from $8tn last year, with about 22.7 per cent of that coming from the UAE, Saudi Arabia and Kuwait, it said.
When it came to measuring growth in the various strands of the rich, those in the UAE with investable assets ranging between $1 million to $20m last year recorded a higher rate of growth than households with more than $100m in investable assets last year, said the highlights of the report.
The number of people in the UAE who have a fortune of more than $30m fell slightly last year as a slump in oil prices and global economic volatility took a toll, the property consultant Knight Frank said in April.
But the fall to 1,392 individuals from 1,380 in 2014 is seen as a blip in a wider trend towards more of the world’s super-rich flocking to Dubai and Abu Dhabi, Knight Frank said.
mkassem@thenational.ae
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COMPANY PROFILE
Company name: Co Chocolat
Started: 2017
Founders: Iman and Luchie Suguitan
Based: Dubai, UAE
Industry: Food
Funding: $1 million-plus
Investors: Fahad bin Juma, self-funding, family and friends
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
The Specs
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Torque: 149Nm
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COMPANY PROFILE
Name: Carzaty, now Kavak
Based: Dubai
Launch year: Carzaty launched in 2018, Kavak in the GCC launched in 2022
Number of employees: 140
Sector: Automotive
Funding: Carzaty raised $6m in equity and $4m in debt; Kavak plans $130m investment in the GCC
The specs
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Power: 660hp
Torque: 1,100Nm
Transmission: Single-speed automatic
Touring range: 488km-560km
Price: From Dh850,000 (estimate)
On sale: October
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Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
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SPEC SHEET: NOTHING PHONE (2)
Display: 6.7” LPTO Amoled, 2412 x 1080, 394ppi, HDR10+, Corning Gorilla Glass
Processor: Qualcomm Snapdragon 8+ Gen 2, octa-core; Adreno 730 GPU
Memory: 8/12GB
Capacity: 128/256/512GB
Platform: Android 13, Nothing OS 2
Main camera: Dual 50MP wide, f/1.9 + 50MP ultrawide, f/2.2; OIS, auto-focus
Main camera video: 4K @ 30/60fps, 1080p @ 30/60fps; live HDR, OIS
Front camera: 32MP wide, f/2.5, HDR
Front camera video: Full-HD @ 30fps
Battery: 4700mAh; full charge in 55m w/ 45w charger; Qi wireless, dual charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Google Pay)
Biometrics: Fingerprint, face unlock
I/O: USB-C
Durability: IP54, limited protection
Cards: Dual-nano SIM
Colours: Dark grey, white
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Industry: Refurbished electronics
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Dengue fever symptoms
- High fever
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Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
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MANDOOB
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