Many of the Middle East's wealthiest merchant families have lost as much as a third of their fortunes since the onset of the global financial crisis in 2008, according to a new report.
The billionaire owners of some of the biggest family trading empires in the region have suffered a 33.5 per cent reduction in wealth between 2008 and last year, according to a report from Société Générale Private Banking and Forbes Insights.
The report studied 21 billionaires in the UAE, Saudi Arabia, Kuwait and Lebanon, out of a global sample of 1,253.
Wealthy individuals who run businesses without involvement from their families fared much better, with levels of wealth down 3.6 per cent during the same period.
But both figures compare with an increase in wealth of the world's billionaires of between 2 and 9 per cent worldwide since 2008.
The precipitous drop in regional stock market values since the financial crisis, alongside a collapse in property prices, had contributed to the plunge in regional family wealth, said Eddy Abramo, the chief executive of Société Générale private banking in the Middle East.
"For the ones who were very leveraged, there's a deleveraging," he said. "But there is also a re-leveraging, regarding their credit lines for their portfolios - they try to get some new credit lines for cashing out."
Even as recovery starts to take hold in the global economy, levels of leverage among Middle East family businesses were higher than the global average, said Jean-François Mazaud, the head of Société Générale private banking.
The region's self-made billionaires fared better than those who inherited fortunes or had taken the helm of family businesses, with wealth levels flat in comparison with 2008.
Those in the region whose wealth had come through inheritances and income from their commercial activities had continued to decline by 1.5 per cent during 2010.
The fortunes of family-owned companies have varied, but the experience of Dubai's debt crisis has left many family offices in the emirate feeling chastened, while Abu Dhabi's family-owned businesses have been more likely to conduct acquisitions, asset managers said.
Abdulla Al Masaood & Sons, a conglomerate that owns the franchise rights to Harley-Davidson, is in talks to acquire brands in the consumer goods sector, said Constantin Salameh, the chief executive of Abdulla Al Masaood& Sons in an interview last month.
"We believe that as a number of groups are deleveraging, we could get some interesting assets with attractive valuations," he said.
ghunter@thenational.ae
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FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
The%20Specs
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
WRESTLING HIGHLIGHTS
Warlight,
Michael Ondaatje, Knopf
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Genesis G80 2020 5.0-litre Royal Specs
Engine: 5-litre V8
Gearbox: eight-speed automatic
Power: 420hp
Torque: 505Nm
Fuel economy, combined: 12.4L/100km
Price: Dh260,500
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