Aerial view of Burj Khalifa in Dubai Downtown skyline. — File photo
Ninety-eight percent of entrepreneurs in the UAE, one of the highest globally, are confident that their businesses are poised for growth, despite geopolitical uncertainties and global macroeconomic challenges, according to HSBC’s latest survey. Additionally, 95 percent anticipate an increase in personal wealth over the next few years. Their optimism is rooted in the performance of their investment portfolios, business prospects, self-confidence, technological advancements, and business diversification, as highlighted in the annual HSBC Global Entrepreneurial Wealth Report 2024. The report surveyed over 1,800 entrepreneurs with investable assets exceeding $2 million or a total net worth of over $20 million across ten markets, including the UAE, US, UK, Hong Kong, India, and China.
UAE’s business owners are highly mobile, with 65 percent spending part of the year in multiple locations, compared to a global average of 53 percent. For those contemplating relocating assets and businesses, neighboring Saudi Arabia is the top choice, followed by the UK and US. Farzad Billimoria, Head of Global Private Banking, UAE, HSBC Bank Middle East, noted, “Entrepreneurs in the UAE are driven by personal passions and interests, prioritizing financial freedom and reinvestment, while also valuing travel, comfort, and luxurious lifestyles. However, around half of the UAE’s wealthy business owners lack a succession or wealth transfer plan, a gap where professional wealth planning experts can assist, ensuring their legacy thrives for generations with the right structure and long-term plan.”
UAE entrepreneurs rank highest globally in confidence in the government’s support for business owners. 86 percent believe the UAE has the right regulations, laws, and tax policies to encourage business growth. Richard Van Der Meer, Head of Commercial Banking, UAE, HSBC Bank Middle East, stated, “The UAE’s pro-business policies are fostering a vibrant entrepreneurial ecosystem, attracting global entrepreneurs to launch or relocate their headquarters here. This growth is particularly strong in the tech sector, where we support businesses in scaling rapidly and expanding internationally. Through digital solutions like API-enabled global treasury management, virtual accounts, and our new venture debt offering for mid and late-stage tech firms, we’re helping entrepreneurs achieve their ambitions. It’s exciting to witness this momentum in the UAE.”
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