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Khaleej Times
16 hours ago
- Business
- Khaleej Times
Luxury travel in the UAE isn't just growing — it's evolving
There's a quiet revolution in the UAE tourism space — and it's happening at the very top. Luxury travel, which was once a subset of the broader tourism sector, is rapidly becoming one of its fastest-growing and most dynamic segments. The entry of ultra-high-net-worth (UHNW) individuals in the UAE is not only changing our economy — it's also changing the way travel is being experienced, crafted, and serviced across the region. In recent years, there has been a significant increase in UHNW migration to the UAE, with Dubai and Abu Dhabi being the primary destinations. These are not tourists or expats, but entrepreneurs, investors, celebrities, family offices, and industry heads who are moving their lifestyle, business, and life to this part of the world. What's attracting them? It's a combination of political stability, world-class infrastructure, favourable tax conditions, and a forward-thinking government committed to innovation. Over the past two years, the UAE has transformed from a regional luxury destination into a global powerhouse in ultra-high-end tourism. The numbers don't lie: the UAE's luxury travel market generated $16.66 billion in 2024 and is forecast to reach nearly $29.6 billion by 2030, growing at a 10.4 per cent CAGR from 2025–2030 according to the latest industry data. Meanwhile, across the Middle East and Africa, luxury travel is projected to surge from $95.7 billion in 2023 to $167.4 billion by 2030, at an 8.3 per cent CAGR. This flight of elites dovetails with a broader migration of wealth. A report published by Henley & Partners projects that the UAE will see a record 6,700 millionaires relocate in 2024 — nearly double that of the US. These UHNWIs bring global spending habits and sky-high expectations that are reshaping luxury travel in the Emirates. Driving forces behind the boom 1. Wealth migration: With nearly 6,700 millionaires arriving in 2024, the UAE isn't just a lifestyle magnet — it's rewriting its luxury ecosystem. 2. Skyrocketing spend: The GCC's luxury goods market hit $12.5 billion in 2023, growing at twice the global rate. Nearly 60 per cent of the UAE's luxury travel market growth stems from these high-net-worth tourists. This new wave of residents comes with expectations. They don't just want a holiday — they want seamless, tailored, and often discreet travel experiences that match their lifestyles. For them, travel is not tourism — it's identity, status, privacy, and experience, and that has huge implications for the UAE's travel and tourism sector. At we've seen this shift firsthand as a distinct rise in premium-tier bookings — our ultra-luxury segment bookings have climbed nearly 40 per cent in the last year. There's a growing appetite for bespoke itineraries, private jet bookings, luxury cruises, ultra-premium resorts, and even curated experiences that defy the ordinary — think glamping in the Rub' al Khali under Michelin-starred catering, or a last-minute ski trip to Courchevel with private instructors and chalet chefs. These aren't outliers anymore. They're the new baseline for a small but influential segment of our clientele. The UAE is uniquely positioned to meet this demand. Not only do we have the supply — luxury resorts, exclusive desert retreats, premium airlines like Emirates and Etihad — but we also have the ambition to address this demand. Hoteliers, tourism boards, and developers are doubling down on the luxury segment. In 2024, Dubai welcomed 18.72 million overnight visitors, a 9 per cent increase year-on-year, with five-star average hotel occupancy hitting roughly 77–78 per cent. Meanwhile, over 150 luxury hotels were in operation, accounting for nearly half of the Gulf's upscale room stock. Abu Dhabi too is registering a 26 per cent surge in international hotel stays Jan–Oct 2024, compared to pre-pandemic norms. The Dubai Department of Economy and Tourism (DET) and the Department of Culture and Tourism – Abu Dhabi (DCT) are both supporting initiatives to upscale high-end products, from customized cultural tourism to luxury wellness escapes. Year on year, there is an increasing interest shown by local tourism boards, such as Sharjah Tourism, Ras Al Khaimah & Fujairah, to attract tourists as well as UAE residents in booking hotel stays, exclusive experiences, niche activities & more. To be fair — it's not just domestic demand. The UAE is increasingly becoming a luxury travel hub for the wider region. We're seeing more clients use Dubai as a base for onward travel to the Maldives, the Seychelles, the Swiss Alps, or even bespoke safari experiences in Africa. The connectivity from the UAE is unmatched due to Dubai and Abu Dhabi airports being central hubs for Asia, and for UHNW individuals, time is the ultimate currency. Technology is playing a major role in enabling this shift. We're now leveraging AI to better anticipate travel preferences, customize experiences down to the last detail, and deliver hyper-personalised itineraries. We're deploying AI-driven personalisation — from predictive guest preferences to real-time digital concierges. These tools let us offer private chauffeur pickups, room scent customisations, tailored wellness alerts efficiently and at scale. What used to require a luxury concierge team can now be offered digitally — but with a human touch layered in. From private airport transfers to in-room pillow preferences, technology is letting us scale exclusivity without diluting it. We're also seeing new luxury travel trends emerge. Multi-generational family travel is big — especially post-Covid, with families looking to reconnect in meaningful, immersive ways. Wellness tourism is another booming sector, with UHNW travelers prioritizing longevity, mindfulness, and recovery. Gastronomy-driven itineraries are also on the rise, with travellers planning entire trips around culinary experiences. As UHNW tastes and wants evolve, the world of travel must evolve with them. The five-star bar has moved. Now it is all about one-of-a-kind access, privacy, and personalization. That could be a private museum tour with the curator, a helicopter drop onto a glacier for a gourmet lunch, or getting tickets to sold-out Paris week fashion shows. The travel industry needs to think bigger, move faster, and operate with the same precision as the clientele it's serving. There's also a talent challenge ahead. White-glove service is not just about training — it's about mindset. As an industry, we need more people who understand the subtle art of serving without intruding, anticipating without overpromising. The demand for luxury-literate, culturally fluent, tech-savvy professionals is only going to grow. And yet, amidst all this opulence, I believe there's a growing consciousness emerging. According to Mastercard, 38 per cent of luxury seekers in MENA are willing to pay 30–50 per cent more for sustainable features, and over 50 per cent prioritize meaningful local experiences. Sustainability is becoming increasingly important — even among the wealthiest travelers. They want their experiences to have a lower footprint, to support local communities, to give back in some way. This is not just a passing trend; it's becoming part of the luxury code. At we are currently witnessing a rise in demand for eco-luxury safaris, carbon-offset private flights, and wellness retreats. Looking ahead, I believe the UAE is just getting started. We're not only going to cater to luxury travelers — we're going to shape the future of luxury travel globally. With bold vision and relentless innovation, we can create experiences that are not only world-class — but world-defining. Luxury travel is no longer a fringe category — it's a driving force for both travelers who seek the exclusive, as well as for operators who want to be the top pick for UHNW customers. The UAE, with its unique blend of ambition, connectivity, and creativity, is perfectly positioned to lead this new era. The writer is CEO & Co-founder,
Forbes
4 days ago
- Business
- Forbes
5 Reasons Why The Cotswolds Discreetly Positions For The Next Gen Of Wealth
Picturesque garden in the Cotswold village of Bibury, England Tucked into the heart of south-central England, the Cotswolds is a patchwork of golden-stone villages, rolling hills, and historic estates that stretch across five counties. Designated as an Area of Outstanding Natural Beauty, it's home to some of the most desirable countryside in the UK. But its charm is more than aesthetic. The Cotswolds has a deep history of agrarian wealth, craft production, and generational stewardship dating back to the medieval wool trade. It is a region that has managed to hold onto both its architectural soul and its social quietness. For centuries, the area has been a haven for landowners, artists, and aristocrats. Today, it is also where you'll find UHNW families, tech billionaires, and creative elites quietly retreating from London, New York, and beyond. But beneath its idyllic surface, the Cotswolds offers something even more relevant: a model of how modern wealth can be managed with discretion, purpose, and permanence. Here are five reasons why this ancient corner of England may just reflect the future of family offices. 1. Stewardship Over Status The Cotswolds is steeped in the philosophy of stewardship. Many of its manor houses have been passed down for generations, often protected under Grade I or II listings that prevent modernization without conservation. Families here do not just own property but they also become caretakers of history. The inheritance is not only financial, it is ecological and cultural. This deep-rooted sense of guardianship aligns with how many family offices are evolving. Rather than pursuing flashy asset growth, today's wealth holders are investing in things built to last: generational foundations, impact-driven portfolios, intergenerational education, and governance frameworks. The model is shifting from patriarch-led empire building to multigenerational stewardship. For example, several UK-based family offices are preserving large country estates not only as homes but as heritage assets. These include art collections, libraries, gardens, and land under conservation. They are working with advisors who understand both tax and legacy and how to balance preservation with access. The Historic Houses Association offers a glimpse into how these homes are maintained as living legacies. 2. The Power of Place The region recently made headlines when Eve Jobs, daughter of Steve Jobs, celebrated her wedding in the Cotswolds. High-profile individuals and friends flew in from around the world for a discreet celebration. The idea of place as an anchor is central to the Cotswolds' appeal. Whether it is a quaint honey-stone weekend cottage or a 100-acre estate, these homes become spaces to gather for family get-togethers, holidays, reunions, and even weddings. A growing number of prominent families are making the Cotswolds their rural base. David and Victoria Beckham own a converted barn near Chipping Norton. Supermodel Kate Moss has long had a home in Little Faringdon. The area attracts people who could live anywhere but choose to put down roots where the pace is slower, the values stronger, and the community deeper. Family offices are increasingly intentional about this kind of place-making. Some are establishing legacy properties designed to host family meetings, retreats, or philanthropic gatherings. Others are converting estates into working farms or rural campuses for education and innovation. A property might host everything from next-gen leadership sessions to elder care planning, offering continuity through shared space. One example is a family office that transforms a historical manor into a multi-use property: part private home, part learning center, part regenerative agricultural hub. Some Cotswolds homeowners are even collaborating with architects who specialize in reimagining heritage spaces for contemporary use. It is not just real estate but building blocks for identity, values, and community. 3. The Rise of Quiet Wealth Despite the influx of high-net-worth residents, the Cotswolds retains an aesthetic of restraint. This is not the Côte d'Azur or Mayfair. Here, wealth reveals itself through craftsmanship, hospitality, and curation—not logos. Today, a new rural lifestyle is emerging. Soho Farmhouse, the countryside outpost of the global private members' club, redefined the region's appeal for the creative class. Estelle Manor, a sprawling club and hotel housed in a restored Grade II-listed mansion, offers a more refined counterpart. And of course, there's the Bamford empire, with Daylesford Organic serving as both farm shop and lifestyle brand for conscious luxury. These are not merely hospitality ventures. They reflect a cultural shift where privacy, purpose, and provenance matter more than conspicuous consumption. Many family offices these days are adopting a similar mindset—investing in local craftsmanship, funding cultural preservation projects, and backing lifestyle ventures that align with their values. Whether it is a next-gen inheritor starting a regenerative skincare brand or a family backing farm-to-table food systems, wealth is becoming quieter, more intentional, and deeply embedded in place. 4. Regenerative Capital in Action The Cotswolds is becoming a living case study in regenerative land use. Farmers, landowners, and entrepreneurs are exploring new models of sustainable agriculture that are both profitable and ecologically restorative. Something that is on the agenda for many countries. One standout example is the regenerative farming project at FarmED in Shipton-under-Wychwood. The site serves as a working farm and education center focused on agroecology, carbon capture, soil health, and sustainable supply chains. It brings together researchers, chefs, students, and investors around the future of food and farming. Family offices are increasingly backing similar initiatives. Some are acquiring land not just to hold, but to heal by rewilding damaged ecosystems, transitioning farmland to organic systems, and creating biodiversity corridors. Others are investing in funds that support climate tech, low-carbon construction, or nature-based solutions. Several are looking to Regeneration International for best practices and global frameworks. This is not philanthropy in disguise but rather capital deployed with long-term thinking, aligned with planetary health and generational wealth. 5. Trust Networks and the New Village Circle While the Cotswolds may be better known for church knitting groups and village fetes, beneath the surface lies a much more sophisticated ecosystem. There are WhatsApp groups for household staff recruitment, local estate managers who function as informal fixers, and an unspoken but tight-knit circle of UHNW families who help each other navigate everything from land disputes to legacy planning. In a world of LinkedIn invites and Zoom introductions, this kind of offline network is rare and deeply valuable. Family offices operate best in high-trust environments where deals, advice, and access flow through curated relationships. As wealth becomes more global and complex, many are returning to the power of proximity. Whether through investment syndicates, peer networks, or regional alliances, family offices are building micro-communities modeled less on corporate structures and more on the village circle. They are personal, purposeful, and enduring. Private introductions, often facilitated by trusted intermediaries such as Campden Wealth, continue to underpin many of the most meaningful collaborations in the family office world. The Case for Strategic Stillness The Cotswolds offers something wealth rarely does: the permission to slow down. Here, stillness is not laziness. It is strategic. It is the walk before the decision. The firelit dinner that resets a sibling relationship. The space where generational conversations finally happen. For family offices navigating complexity and change, this kind of intentional pause is vital. Stillness allows for reflection, recalibration, and recommitment. Whether it happens in a restored farmhouse or a countryside chapel, these moments of clarity may be the most undervalued asset in modern wealth management.
Wamda
4 days ago
- Business
- Wamda
Inside the evolving role of advisors for MENA family offices
Following our deep dive into how MENA-based family offices are rethinking their approach to direct startup investments, this piece explores another critical dimension of that shift: the evolving role of advisors. As families take a more hands-on role in managing their wealth and making strategic bets, they're also raising the bar for the kind of expertise, judgement, and partnership they expect from those around them. It's no longer about hiring someone to manage capital—it's about finding trusted allies who can help protect and grow a legacy. As family offices in MENA and beyond mature, their expectations of advisors are changing fast. It's no longer just about optimising returns. Today's families are looking for strategic partners who can help them navigate complex investment landscapes, preserve their legacy, and operate with integrity across generations. Beyond the balance sheet Family offices are now dealing with more ambitious investment agendas, tighter regulatory frameworks, and an increasing interest in purpose-driven wealth. This means advisors need to offer more than just technical competence—they must be able to align with a family's long-term vision, adapt to changing goals, and provide proactive guidance across investment, governance, and succession planning. In markets like Saudi Arabia and the UAE, where many first-generation offices are transitioning into institutionalised platforms, the demand for this strategic guidance is even more pronounced. Trust, discretion, and fit The advisors who stand out are those who can build real trust. Christopher Aw, a seasoned advisor to high-net-worth families, notes that transparency, communication, and discretion often matter more than any financial model. 'Families want someone who understands their values, not just their assets,' he says. Importantly, independence plays a big role. Internal dynamics can sometimes influence full-time advisors. Many families, Aw points out, prefer to work with several external advisors—especially if they're not connected—to ensure objectivity and diverse thinking. Soft skills matter Technical expertise is expected. But what increasingly sets top advisors apart is emotional intelligence: the ability to handle sensitive family matters, manage generational dynamics, and step into the role of a trusted confidant. It's not unusual for advisors to be invited to family events or involved in major personal transitions. Supporting direct investment ambitions With more family offices pursuing direct investments, especially in startups and real assets, advisors are expected to offer more than passive wealth planning. Advisors are expected to benchmark deals, identify potential red flags, and facilitate meaningful partnerships. Families are also tapping into advisors' networks for co-investment opportunities and sector insight—particularly in frontier sectors like fintech, climate, and deep tech. Value, not just price While fees remain a consideration, the focus is increasingly on value. The right advisor can help avoid costly mistakes, uncover untapped opportunities, and bring clarity to complex decisions. That impact tends to outweigh headline costs. Families are also advised to do their due diligence—checking references, seeking peer recommendations, and looking for a consistent track record of alignment and discretion. Bottom line: Family offices are looking for partners, not just service providers. The most effective advisors today are those who combine technical depth with emotional intelligence, who can operate with independence, and who are committed to the family's vision—not just its financial outcomes. As Aw puts it, 'The families who thrive are the ones who ask hard questions, surround themselves with experts, and stay honest about what they don't know.'
Japan Times
4 days ago
- Business
- Japan Times
World's rich ignore Middle East strife to bet on Dubai and Abu Dhabi
At the Dubai offices of Abbey Road Investment Group, the phone calls and emails keep landing from around the world. The inquiries are from potential clients from India and the U.K., the U.S. and Africa — even as far afield as Brazil. They're all looking to set up family offices in Dubai and Abu Dhabi, the twin emirates that offer to safeguard the fortunes of the world's wealthy without income or inheritance taxes. The cities, both part of the United Arab Emirates, have become irresistible for the world's richest people. Europeans have turned to the Gulf country to seek respite from economic uncertainties, while some wealthy Chinese have begun looking beyond long-favored hubs like Singapore. The UAE has also become a top pick for many of those relocating from the U.K., where the government abolished a tax break for non-domiciled residents. They are all willing to look past the geopolitical risks swirling in the Middle East, which have been on sharp display in recent weeks as Israel and Iran launched missiles at each other. While the UAE wasn't directly affected, it stands just across the Persian Gulf from Iran. Yet the world's wealthy keep betting on the Gulf country. Abbey Road's founder Arjun Mittal says his clients like the UAE's central geographical location between east and west, tax benefits and fast developing financial system. "We've seen no slowdown at all because of regional conflict,' said Mittal, who is the chief investment officer of Abbey Road, which acts as a multi-family office offering investment advice to wealthy clients. "If anything, it reinforces the UAE's position as a neutral, strategic hub.' Dubai's international financial center estimates that it's home to family-related entities that control over $1.2 trillion, with the total number rising 33% to 800 last year. The wealth influx is driving yet another year of gains in Dubai's luxury property prices, while providing new money for its burgeoning hedge-fund industry. The emirate's financial hub has more than 70 hedge funds, while neighboring Abu Dhabi houses giants like Brevan Howard Asset Management and Marshall Wace. Bridgewater Associates founder Ray Dalio, who has been coming to the UAE for about 30 years and set up his family office in Abu Dhabi in 2023, points to the country's multinational lifestyle and its expansion into finance and AI. "It is getting a lot more traction because as other places are deteriorating it's improving quickly so the contrasts are becoming more obvious,' Dalio said. This year, the Middle Eastern country is poised to attract about 9,800 new millionaires, more than any other nation, Henley & Partners estimates. Early data suggests the rich haven't been deterred by the tensions in the broader region. Luxury property prices in Dubai — an investment favored by foreign families — hit new records in the second quarter. Last month, Abu Dhabi's international financial center welcomed 267 new entities — including different types of companies and family offices. The hub has a strong pipeline for the rest of the year, a spokesperson said in a statement. Regional risks are still lurking in the background. The UAE is an American ally that's home to thousands of U.S. military personnel. After the U.S. hit Iran's nuclear sites last month, the Islamic republic threatened to attack American assets and launched missiles on a U.S. base in neighboring Qatar. There were no casualties. U.S. President Donald Trump went on to announce a ceasefire between Israel and Iran. Yet, there are lingering uncertainties about the status of Iran's nuclear program. "Drones and missiles in the region have not been targeting individuals' safe deposit boxes. Yet surely a major, successful attack on desalination facilities or an airport keeps government officials up at night,' said Robert Mogielnicki, senior resident scholar at the Arab Gulf States Institute in Washington. "I'd say such threats fall into a low likelihood-high impact category.' To hedge against risks, the rich from overseas tend to put only some assets in the UAE and diversify well beyond, he said. "The UAE is usually just one part of global optionality constructed by family offices.' The new money flowing in, coupled with the billions already held by local families, has already been fueling a more sophisticated private banking industry for the UAE as banks from Barclays to Deutsche Bank and even Bank of Singapore expand. Barclays has seen double-digit growth in the total number of family offices it serves in the UAE and has relocated staff from overseas. "The UAE is a key strategic market for us, not only because of the wealth creation from local Emiratis, but also because of the massive migration that has come into the country which has been extremely successful,' Mathias Gonzalez, Barclays private bank's new head of investments in Switzerland and Dubai said in an interview. At Dubai-based wealth advisory firm M/HQ, managing partner Yann Mrazek says one in five family offices they have been setting up are either Chinese or have some China connection. Elsewhere, one Chinese family office for several billionaires recently sold off most of their financial holdings in the U.S. amid concerns about a recession there and is allocating a large chunk of the proceeds to Dubai this year while also weighing options in Asia, a person with knowledge of the matter said, asking not to be named discussing private information. While they might have considered Singapore in the past, they were reluctant to use it this time because the country has introduced more regulatory reporting requirements in recent years, the person said. The Iran-Israel conflict didn't dent the family's view on the UAE because they see geopolitical risks in other parts of the world as well, the person added. Still, despite the UAE's gains, Singapore remains a primary hub for Chinese money and wealth from other countries. The city-state "continues to receive strong interest' from family offices who are keen to access investments opportunities, said a spokesperson for the Singapore Economic Development Board. Many rich families are willing to look past the geopolitical risks of the Middle East because of difficulties in their own countries, said Mogielnicki, the political economist. "Plenty of the individuals behind the influx of global wealth into the UAE are coming from places with substantial risk, be it conflict-related or otherwise,' he said. "Risk tolerance is a relative measure.'
Independent Singapore
7 days ago
- Business
- Independent Singapore
DBS partners with Hamilton Lane to provide tailored private assets solution for UHNWs and family offices in Asia
Photo: Depositphotos/TKKurikawa SINGAPORE: DBS has launched a bespoke private assets solution for its ultra-high net worth (UHNW) clients and family offices in Asia through a partnership with global investment firm Hamilton Lane. Private Assets Tailored by Hamilton Lane (PATH) allows qualified investors to build a diversified portfolio made up of private market funds spanning private equity, credit, infrastructure, and real estate, according to a joint press release issued on Wednesday (July 23). Each PATH portfolio is tailored to match the investor's unique investment goals, risk tolerance, and preferences. Since launching a few weeks ago, PATH has already drawn strong interest from clients, the bank said. Shee Tse Koon, group head of consumer banking and wealth management at DBS Bank, said the bank recently closed a mandate with a family office client. Mr Shee noted that client assets under management in private markets have grown nearly fivefold over the past five years, reflecting stronger demand for long-term, resilient investment opportunities beyond public markets. See also By 2022, no more treated water from Singapore - Johor 'With PATH, we are taking this momentum further by offering our clients an investment solution that comes with a level of customisation, transparency, and diversification rarely seen in the private wealth space. More importantly, with a lower entry point compared to traditional institutional structures, PATH also makes private market investing more accessible, allowing more of our clients to participate meaningfully in this asset class,' he added. As of March 31, 2025, Hamilton Lane manages and supervises about US$958 billion in assets worldwide, backed by 34 years of private market experience and data from Cobalt, which tracks over 64,070 funds and 164,490 companies. /TISG Read also: DBS becomes first Singapore-listed company to hit US$100B market capitalisation Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
