The Middle East has stepped up a range of sectors in response to the Covid crisis, with some surprising moves. New investment is focused on practical Covid protection measures but also a need to diversify economies. Family offices are key to many developments, offering knowledge and loyalty for the betterment of their home countries.
Highlights include:
- Saudi Arabia’s new $4bn tourism investment as a move away from a reliance on oil Dubai, reliant on international visitors for 35% of their income, has invested in safety measures that have led the WH O to declare it a safe destination. ‘Dubai Is Open’ shirts even adorn Emirates – sponsored French football club Olympique Lyonnais.
- Qatar Airways maintained their flights while others have been cutting, ensuring they keep their customers and routes.
- Bahrain’s $32billion infrastructure investment covers a cargo area at Bahrain International Airport and a new light railway network, to cement it as a Middle East business hub.
Our home, Kuwait, called for plans to make the country more self-sufficient in areas highlighted by the Covid crisis; areas as diverse as food waste and cybersecurity.
Like family offices around the world, we will do what we can to assist our home country, while collaborating with the best international minds.