New trusts legislation introduced in the UAE is another positive step forward for the wealth management sector in the region, according to the head of JTC’s Dubai office.
The new UAE Trust Law was announced this week. It puts in place new mechanisms for managing wealth and also encourages the establishment of charitable trusts. One of the key benefits will be that family-owned businesses can use trusts for effective succession planning purposes.
Naro Zimmerman, who was recently appointed Head of JTC’s Dubai office, commented:
“These new rules are a welcome addition to the UAE. They will help support an increasingly broad, diverse and growing private wealth sector in the region, creating a framework of tools for managing wealth, including charitable trusts and private trusts. It’s a particularly innovative application of the common law trust concept in what is otherwise a civil law jurisdiction.
“Following in the wake of the UAE’s changes to inheritance laws and relaxing of the rules around foreign ownership of companies, these new trusts rules are another positive step for a burgeoning private wealth sector in the UAE.”
More about JTC’s services in the Middle East can be found here.