NBK Wealth Group CEO joins 'Future of Asset Management Middle East' panel discussion

Zawya

02-03-2025

Al-Hamad:
Managing both existing financial wealth and the influx of global capital into the region demands deep local expertise.
In wealth management, technology has shifted from being a competitive advantage to an essential requirement
At NBK Wealth, we go beyond one-size-fits-all solutions, crafting bespoke wealth management strategies tailored to each client's unique needs
Many asset managers focus on mid-net-worth investors and the local wealth pool, recognizing the growing demand for tailored investment solutions in the region
NBK Wealth Group CEO, Mr. Faisal Al-Hamad, took part in a panel discussion at the Future of Asset Management Middle East conference, organized by the Financial Times Group in Abu Dhabi.
The conference brought together leading executives from top asset management firms, sovereign wealth funds, and family offices across the Middle East and beyond. Featuring industry debates, intimate breakout sessions, and exclusive roundtables, the event uncovered opportunities for growth in this dynamic region amidst global economic and political shifts.
Participants underscored the significant influx of wealth into the Middle East, driven by 'the great millionaire migration', fueled by favorable tax regimes and lifestyle benefits, as well as geopolitical and economic instability elsewhere. Institutions and asset management firms from all over the world are flocking to the region to capitalise on the growing wealth pool.
Discussions at the conference reaffirmed the GCC's remarkable resilience in navigating geopolitical challenges, underscoring its sustained economic growth and ability to attract investment rates above the global average. Entering a new era of investment, the GCC is propelled by robust sovereign wealth funds, large-scale domestic projects, and supportive government initiatives. Initiatives such as Saudi Arabia's Vision 2030, the Abu Dhabi Economic Vision 2030, and the Dubai Economic Agenda D33 are driving economic growth and establishing the region as a premier investment destination.
Discussions also underscored the GCC's unique advantages as a global trade and investment hub. Despite its growth potential, the region poses challenges for asset management firms, including a scarcity of skilled professionals and fierce industry competition.
Participants emphasized that as governments actively promote the reshoring of assets domestically, local and international asset managers must determine how to strategically position themselves to capitalise on these growth opportunities while overcoming industry challenges.
Panel Discussion
During his participation in the panel discussion titled "Capitalising on the Great Wealth Migration," Mr. Faisal Al-Hamad, CEO of NBK Wealth Group, highlighted that technology has evolved from a mere advantage to an absolute necessity. He further noted that the wealth transfer process is not monolithic but varies significantly across client segments. On the one hand, some clients prioritize personal relationships and direct engagement in managing their assets, while on the other, a growing segment is increasingly inclined toward leveraging technology. This generational shift demands that asset management firms innovate and tailor their services to meet the distinct needs of their diverse clientele.
Regarding the impact of wealth migration to the region on the asset management and private banking sectors in the Middle East, and particularly in the GCC countries, Al-Hamad emphasized that both existing wealth and the influx of new capital would have a positive effect on the volume of assets managed by wealth management firms in the region. He highlighted that many firms would need to refine and expand their services to stay competitive and attract new clients. This is especially true as global asset management companies also seek to secure a stake in managing the existing wealth and the significant capital flowing in the region.
Al-Hamad noted that companies with a legacy of wealth management expertise, distinguished competencies in the field, and a diverse range of services that cater to the varying needs of clients are best positioned to attract new customers from the influx of wealth into the region. He further emphasized that firms with a global presence and strategic partnerships with specialized international entities would be particularly well-equipped to capitalise on these opportunities.
'At NBK Wealth Group, our brand derives its strength from the prestigious reputation of NBK Group, a regional and global leader. As the largest wealth management firm in Kuwait and one of the foremost in the region, we are uniquely positioned to provide unparalleled expertise and service in the wealth management sector,' Al-Hamad said.
'We do not offer one-size-fits-all solutions. We believe in the importance of thoroughly understanding each client's unique needs and financial goals in order to craft a bespoke wealth management strategy. Our core philosophy centers around placing the client at the heart of everything we do, striving to foster strong, long-term relationships built on trust and personalized service,' he added.
Al-Hamad highlighted the extensive experience of the NBK Wealth team, stating: 'We offer our clients a range of exceptional benefits that guarantee an unparalleled experience, including personalized services designed to meet their unique needs and financial goals, all delivered by a dedicated team of wealth management experts.'
He emphasized that NBK Wealth aspires to be the ideal partner and the foremost, trusted choice in wealth management by offering specialized, comprehensive solutions that deliver added value, create a lasting positive impact, and build a legacy for clients across generations. He also noted that the group supports its clients in navigating challenges through sound investment strategies, diversified financial portfolios, and providing investment advice grounded in a thorough analysis of current economic conditions.
Furthermore, Al-Hamad highlighted that NBK Wealth offers a comprehensive range of services, including asset management, trading, lending, deposits, and other tailored, innovative solutions for high-net-worth individuals and institutional clients. He pointed out that the group has expanded its global presence with a robust network of integrated operations across nine cities in five countries. Additionally, NBK Wealth has formed strategic partnerships with prominent global asset management firms, such as JPMorgan Asset Management and Intervest. These partnerships enhance the group's advisory services and contribute to the development of new, cutting-edge investment solutions, further strengthening its position in the wealth management sector.
Looking ahead to the future of NBK Wealth, Al-Hamad emphasized: 'We understand that change is a constant in the market, and customer needs are always evolving. As such, we place great importance on adapting to these shifts and delivering innovative investment solutions that align with the future aspirations of our clients.'
Al-Hamad explained that the influx of global wealth into the region requires local expertise, as it is uniquely positioned to understand the regional markets and effectively manage this wealth. He emphasized that the GCC countries continue to be a market where relationships are paramount, playing a critical role in wealth management.
He underscored the critical importance of local partnerships, noting that global asset management firms aspiring to enter the GCC markets must forge alliances with strategic regional partners. This is especially vital in sectors such as asset management, private credit, and real estate investment, as it enables these firms to navigate the region's distinct market dynamics with expertise and precision.
Al-Hamad emphasized that new entrants to the region from asset management firms must develop a clear, focused strategy, targeting a specific customer base while establishing a solid local foundation. This approach is essential before they can successfully expand their operations across the region.
He also noted that billionaires from outside the Middle East, with well-established financial structures, may not prioritize establishing new financial relationships in the region. He also highlighted that asset managers vary in the customer bases they target, with many seeing their true opportunity in catering to mid-net-worth investors and tapping into the local wealth pool.
The panel discussion, featuring Mr. Al-Hamad, included distinguished participants such as Ms. Rasha Badawi, CEO of Barclays Private Bank UAE, Mr. Richard Elston, Group Head of Institutional at CMC Connect, and Mr. Amer Malik, Senior Executive Officer at Lombard Odier Middle East. It was moderated by Mr. Baptiste Aboulian, Group Managing Editor at FT Specialist US. The conversation centered on the impact of the wealth influx into the Middle East on the global wealth landscape, as well as the transformative role of digital solutions, especially robo-advisory services, in reshaping private banking in the region.
Participants also explored how private banks in the Middle East can integrate cultural and religious factors into their wealth management services to cater to the unique aspects of philanthropy in the region, including practices like waqf.