Key Insights from Middle East Roundtable in London

The discussion opened with a regional update from Jersey Finance’s Faizal Bhana, Director – Middle East, Africa and India, and An Kelles, Director – GCC, followed by an insightful roundtable discussion.

A key theme emerging from the discussion was the growing complexity of tax frameworks across the GCC.

The introduction of corporate tax in the United Arab Emirates (UAE), alongside the implementation of the global minimum tax framework, is prompting families to consider their current structures. In Saudi Arabia, evolving regulatory developments, including the introduction of robust transfer pricing regulations and enforcement of effective ‘management and control’ of entities and businesses for the purposes of determining tax liability, are also increasingly influencing decision-making.

In response to these tax and regulatory developments, HNW individuals and families are placing greater emphasis on jurisdictions that offer clarity, stability and demonstrable substance. Jersey continues to be a preferred location for legal structuring, thanks to its robust regulatory environment, political stability and trusted Common Law foundations.

Another important development highlighted during the roundtable was the progression of fund passporting regimes across the GCC. Saudi Arabia is making notable strides in enabling the cross-border marketing of locally regulated funds, while the UAE is formulating its own approach to expand domestic market access for funds established in its free zones.

While these frameworks are still in early stages of development, they reflect a broader trend towards regional financial integration and capital markets modernisation, opening new opportunities for international fund managers and family offices seeking regional exposure.

Participants around the table shared insights into the increasing formalisation of governance structures across the region. Government-led initiatives in jurisdictions such as Saudi Arabia and the UAE are encouraging the adoption of frameworks that support intergenerational continuity, family charters and succession planning.

The National Centre for Family Business (NCFB) in Saudi Arabia is playing a key role in helping families embed governance protocols, such as shareholder agreements and investment policies, into their corporate constitutions. This has led to a growing interest in independent boards, family investment committees and structures that strike an effective balance between professional oversight and family control. Some attendees provided examples of families adopting governance models that include independent directors, investment committees and hybrid models that combine regional cultural values with international best practice. Jersey’s experience in enabling flexible governance through vehicles such as private trust companies (PTCs), foundations and mixed boards, was seen as a clear advantage for these families seeking tailored, forward-looking solutions.

For other markets, attendees observed a continued trend of HNW individuals and families relocating to the UAE, with Dubai emerging as a primary destination. Lifestyle considerations, connectivity and access to regional opportunities were cited as key drivers for this migration, with many HNW individuals from India, Africa and Europe establishing a presence in the UAE.

At the same time, there is a strong demand for international structuring solutions. Many families operating from the GCC are maintaining their wealth planning structures in Jersey, due to the Island’s reputation for legal certainty, neutrality and long-standing stability.

Additional regional context was provided during the discussion noting that Oman is expected to introduce a personal income tax regime which is prompting families to review their future planning strategies. In Kuwait, younger generations are taking a more global outlook prioritising diversification, international education and wealth preservation.

Another area of interest was the intersection of Shari’a-compliant finance and digital innovation. From Sukuk to tokenised real estate, participants noted an increased appetite for investment solutions that combine faith-based principles with new technologies. For example, the recent approval of a tokenised real estate product in Dubai reflects growing confidence in regulated digital offerings.

Jersey’s ability to support Islamic finance through a flexible legal system, a tax-neutral environment and a well-established regulatory framework was mentioned as a key strength. The jurisdiction’s capacity to accommodate both traditional Shari’a-compliant structures and emerging asset classes positions it well to support families seeking compliant, cross-border solutions.

Participants noted that many families from the GCC maintain longstanding links to the UK, often through education, business interests and property ownership. Despite recent changes to the UK’s non-domicile and inheritance tax rules, London remains an important destination for Gulf families.

As families in the Gulf region continue to expand internationally and adopt increasingly sophisticated wealth planning strategies, the expertise found in Jersey continues to resonate, maintaining the IFC’s reputation for providing substance, legal clarity and good governance practices. Whether supporting regional investment strategies, family governance models or global diversification efforts, Jersey offers a trusted platform for wealth preservation.

As one participant remarked:

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