Fairway Group has opened an office in Kuwait, creating a further permanent presence in the region.
It already has an established office in Dubai and "works with some of the GCC’s wealthiest and highest profile families and institutions", the Jersey-headquartered business said in a statement on 18 October.
Aslam Shareef, managing director of Fairway Kuwait, has relocated to Kuwait to manage the new Fairway Kuwait office.
He said: “We have long-standing relationships with Kuwaiti based asset managers, investment houses and families for their offshore structures. My team have gained a good understanding of the cultural sensitivities that allow us to provide a bespoke service to our Middle Eastern clients.
"Meeting our clients and intermediaries face-to-face is high on our agenda as part of our conscious effort to deliver a director-led, client centric service. Having a full-time, permanent presence in Kuwait and Dubai demonstrates our dedication to businesses and families based in the GCC and benefits clients who are looking to form a more personal working relationship.”
According to Forbes, the Kuwaiti Dinar is one of the strongest currencies in the world and the economy in general has seen positive developments, including 25% increase in foreign exchange and deposits abroad.
Kuwait has the highest per capita rate of wealth in the region with family wealth often intertwined with entrepreneurs. Several years ago, the Kuwaiti government launched the Vision 2035 project, with the aim of reducing the country’s dependence on hydrocarbon revenues while also creating a hub for finance and commerce.
Shareef further said: “We know that businesses, families and HNWIs are now more finance savvy than they have ever been and aware of the various structuring solutions available beyond Kuwait.
"The real growth will come from localising these administration services and products, providing solutions that support the next generation’s aspirations
"We have also observed that the institutional approach towards investment which we see in other jurisdictions is also replicated across GCC and Kuwait. As the next generations of wealthy families come to the fore, the need for estate planning and institutionalising the family businesses becomes not only a priority but a necessity.”
