UAE asset manager, Shuaa Capital, has launched a digital investment platform aimed at attracting wealthy millennials.
According to a filing made with the Dubai Financial Market, the digital offering will provide the underserved high net worth (HNW) market in the Middle East with a “seamless and holistic digital wealth management experience”.
The venture will be led by former Visa and Google executive Hadi Raad who has been appointed to the newly created position of chief digital officer. Raad will report directly to Jassim Alseddiqi, chief executive of the Shuaa group.
A recent study by property investment firm, Knight Frank, forecast that the number of HNWs in the region will rise by 12% by 2025 while the number of ultra HNWs will grow by 26% in the same period, with more than half (57%) residing in Saudi Arabia and 27% in the UAE.
“Against this backdrop, Shuaa has identified a significant market opportunity to create a cutting-edge hybrid digital wealth platform that provides personalised curated management and advice,” the investment manager said.
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