About 40 of the wealthiest individuals and families from the Asia Pacific region had their first taste of the attractions of Dubai and the Gulf region recently, not just from a tourism perspective but also in terms of opportunities for business investment.
The Citigroup Private Bank hosted its Asia Pacific clients to a Forum earlier this year, featuring prominent business and government leaders of the Gulf region, who showcased the region’s economic and business environment in terms of opportunities as well as challenges.
“The discussions were aimed at drawing attention to the depth and diversity of the Gulf economies, and their continued expansion,” said Mr Deepak Sharma, Chief Executive Officer of Citigroup Global Wealth Management, Asia Pacific and Middle East.
“The oil and gas sector, being the mainstay of the Gulf economies, featured prominently in the discussions. But the Forum also explored many other areas offering investment potential such as petrochemicals, financial services, telecommunications, utilities, technology, education, healthcare and retail” he added.
According to a recent wealth management survey, many of Asia’s richest individuals – spurred on by their own entrepreneurial backgrounds - are constantly seeking ways to invest in new business opportunities.
Conducted by The Citigroup Private Bank with support from management consultancy McKinsey & Company, the survey covered 120 super-affluent individuals and families with a minimum net worth of USD 25 million.
Mr. Sharma added: “The Forum was an eye-opener for many of our clients. We tend to under-estimate the Middle East region’s enormous potential and are deterred by negative perceptions of its geopolitical issues. The discussions helped to bring to our Asian clients a deeper and more balanced understanding of the region’s economic and business climate.”
“Likewise, the Middle East clients learned more about the culture and characteristics of Asian business and its investment climate through our Asian clients. It was a win-win outcome for everyone” he said.
The six GCC (Gulf Cooperation Council) countries represent a population of 35 million and a combined GDP of about USD 450 billion. By way of comparison, ASEAN, with a population of approximately 550 million, has a GDP of around USD 2.3 trillion. In other words, the size of the GCC countries’ population is 6% of ASEAN’s, but its GDP is equivalent to 20% of ASEAN’s GDP.
