'Good growth prospects in the Middle East'

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THE Gulf region is offering increasing opportunities for independent fiduciary service providers, according to one local firm thriving in the area.

Louvre Middle East, part of Guernsey-headquartered Louvre Group, said that prospects in the region were growing, particularly in the provision of trust structures, and the establishment of more and ever-more sophisticated family offices in the United Arab Emirates.

'High net worth clients and family offices are turning to the establishment of private trust companies and foundations to meet their demand for protecting their family assets in suitable structures where they can have a degree of influence over an investment opportunities,' said Louvre Group CEO Derek Baudains.

He said that growth in the region was not solely in the Dubai International Finance Centre, with businesses also moving to the UAE to take advantage of the location and opportunities to trade between west and east, and highlighted a surge in property development in Dubai following the instability in the region, with investment from expats in Gulf Cooperation Council countries of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.

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