As we continue to navigate difficult times and to look beyond our differences, this issue brings stories of some small hope
We look at the future tourism industry of Damascus to imagine what its future prospects might be
As Singapore celebrates 60 years of independence, we explore the international relationships it has cultivated during that time
Diversity in the workplace is not just a buzzphrase, but we look at how it is a strategy that can reap very real rewards.
We also peek into the rivalry between family-led giants Sega and Nintendo to see how they each improved with the friendly competition of the other
In cultural news, we dive into the news of new platform Showrunner, and what this AI-powered creation tool – plus other AI developments – means for the film and television industries
All this plus our look at the investment opportunities in the Middle East, the top 5 cities in the world for family offices, and an interview with Jordan Wise, who has conquered and combined the worlds of sport and media
As ever, you can contact me at info@aleaglobalgroup.com
THE CONSOLE KINGS’ KEEPERS: THE PRIVATE WEALTH BEHIND NINTENDO AND SEGA
The corporate battle between Nintendo and Sega defined modern entertainment. The management of the fortunes that battle created, however, is a less public – and more divergent –story of legacy and transition.
The ‘console wars ’ of the 1980s and 90s between Nintendo and Sega are a legendary chapter in business history While the corporate strategies are well-documented, the pathways of the vast private wealth generated for their key stakeholders are less visible.
An examination reveals two starkly different models: one of enduring, discreet family stewardship and another where corporate salvation severed the direct link to a founding fortune
Nintendo’s transformation from a 1889 playing card company to a global entertainment leader was orchestrated by its visionary and longserving president, Hiroshi Yamauchi, the great-grandson of the founder His leadership created immense shareholder value and a significant personal fortune, at one point making him Japan's wealthiest person
The management of the Yamauchi family's wealth is handled with notable privacy. The primary vehicle is a family office, Yamauchi No 10 Family Office LLC Publicly available information confirms its existence and its mission to manage the assets
Nintendo: The Discreet Stewardship of the Yamauchi Fortune
of the Yamauchi family, but specific details regarding its name's origin, investment strategies, and assets under management are not publicly disclosed.
Upon his death in 2013, Hiroshi Yamauchi’s will revealed a significant philanthropic intention Japanese media reported that the majority of his estate was bequeathed to a charitable trust
While the exact structure is private, this act indicates a strategic approach to legacy and wealth transfer, focusing on long-term stability and philanthropy rather than solely on private enrichment The family remains a significant shareholder in Nintendo Co Ltd through various holdings anchoring their fortune to the company's continued performance.
Sega: From Corporate Ownership to a Saved Legacy
Sega’s origins are more complex and less tied to a single family dynasty Founded as Standard Games in Hawaii in 1940 by American businessmen Martin Bromley and Richard Stewart, it was a distributor of coin-operated amusements. After moving to Japan, it was renamed Service Games (SEGA). The company underwent several ownership changes, including a period under the American conglomerate Gulf & Western Industries
A pivotal shift occurred in 1984 when investors, including CEO David Rosen and Japanese businessman Isao Okawa, purchased Sega's Japanese assets Okawa, through his company CSK Holdings, became Sega's largest shareholder and chairman Therefore, the Okawa fortune was not that of a traditional ‘founding family’ but of a majority stakeholder who acquired his position.
Okawa’s role culminated in a decisive act. As Sega faced severe financial distress and its exit from the hardware market in 2001, Okawa forgave the company's massive debt to CSK, reported to be approximately $695 million
Furthermore, he returned his sizable stake in Sega – estimated at 22% – to the company before his death to aid its survival and restructuring This
transfer of assets was a critical factor in allowing Sega to stabilize and transition into its current role as a successful thirdparty game developer
This action effectively dissolved the direct link between the corporate entity of Sega and the private fortune of its primary stakeholder The original American founders' connection to the company had ended decades prior with its various sales
A Corporate Rivalry, Not a Family Feud
Documented interactions between the private wealth entities of the Yamauchi and Okawa families are nonexistent. The rivalry was purely corporate, playing out between the management of Nintendo Co Ltd and Sega Enterprises, Ltd Hiroshi Yamauchi and Isao Okawa interacted as opposing executives and board members
The most significant indirect interaction was Okawa's final financial maneuver By providing Sega with the capital to survive as a software company, he ensured Nintendo would retain a major competitor
and eventual partner, a move that ultimately benefited the broader video game ecosystem.
Preservation Versus Transition
The private wealth stories of Nintendo and Sega highlight divergent paths
The Yamauchi family exemplifies a model of discreet, multigenerational wealth management, maintaining a deep, long-term connection to the company that created its fortune.
In contrast, Sega’s story is one of corporate transition, where the critical intervention of a major stakeholder – forgiving debt and returning equity – secured the company's future while formally separating it from his private estate
One model focuses on the preservation of a family legacy; the other on the salvation of a corporate legacy. Both were decisive in shaping the gaming landscape we know today.
Investing in the Middle East: Verified Growth Opportunities
The Middle East is undergoing a dynamic transformation, driven by strategic economic visions, investment in diversification, and a rapidly evolving business environment Over the next five years, international investors can find compelling prospects in sectors like energy (including both traditional and clean) technology, infrastructure, and financial services. This article highlights sectors supported by external sources, along with policy frameworks and demographics shaping the investment landscape
High Growth Sectors Supported by Data Energy (Oil, Gas & Clean Energy)
The Middle East remains a global energy hub: in 2024, the region accounted for roughly 30% of global oil production and 17% of natural gas production In 2025, it's expected to invest around USD 130 billion in oil and gas supply - roughly 15% of global upstream investment.
Simultaneously, clean energy investment is scaling up In 2025, the region plans to spend about USD 10 billion on clean energy generation, a focal point of its energy transition efforts
Notably, renewable energy generation is growing: Saudi Arabia aims to increase its electricity capacity via a program targeting 40 GW photovoltaic 16 GW wind and 2.7 GW concentrated solar power by 2030.
On the hydrogen front, several MENA countries are laying foundations for leadership in low-carbon hydrogen Saudi Arabia’s NEOM green hydrogen plant (a joint ACWA Power and Air Products venture) is among the world's largest The UAE launched a National Hydrogen Strategy targeting 1 4 Mtpa by 2031 and 15 Mtpa by 2050 Oman has plans for up to 8 5 Mtpa by 2050
ACWA Power, a regional energy giant, is already driving major projects such as the utilities system for The Red Sea Project and the NEOM green hydrogen facility
These developments underscore a strategic shift toward decarbonization and green energy alongside sustained energy infrastructure investment
Technology, AI, and Digital Infrastructure
According to PwC’s 2025 TransACT report, the Middle East’s mergers and acquisitions (M&A) market showed resilience in 2024, with just a 4% decline (from 493 to 475 deals) compared with a global average drop of 17% - reflecting regional investor confidence Technology, renewables, and infrastructure were key M&A drivers.
Sovereign wealth funds like UAE’s Mubadala are active investors in tech assets, including AI, telecom infrastructure, logistics, and data centres. Mubadala deployed US$29.2 billion across 52 deals in 2024 alone.
In a broader economic vision, PwC projects that strategic AI adoption and climate resilience efforts could unlock up to US$232 billion in additional GDP by 2035
The Financial Times reports Gulf states – particularly Saudi Arabia and the UAE – are heavily investing in AI to diversify economies foster data industries and pursue emerging business models. AI could add US$150 billion to GCC economies, although challenges remain in talent development and regulation
Infrastructure & Logistics
Long-term national development plans across MENA – such as Saudi Arabia’s Vision 2030, Abu Dhabi’s Economic Vision 2030, Qatar’s National Vision 2030 and Dubai’s Urban Master Plan for 2040 – are actively driving capital investment in energy, transport, digital infrastructure, and social services
Demographics & Human Capital
The MENA region is defined by a significant youth cohort Around 30% of the population falls within the 15–29 age bracket, while approximately 55% are under age 30 – highlighting the scale of the emerging working-age population
In Saudi Arabia specifically, 63% of Saudi nationals are under 30, and over 70% are under 35, per government data
This demographic dynamic presents both opportunity – for workforce development, innovation, domestic demand and risk if job markets lag behind
Policies, Incentives & Capital Markets
Qatar’s Invest Qatar launched a US$1 billion incentive programme to attract investment It offers packages covering up to 40% of setup, construction, staffing, and leasing costs over five years, targeting technology-driven sectors (like AI, cybersecurity, pharma) and logistics infrastructure
Sovereign wealth funds remain central to regional capital flows; Mubadala is a prominent global investor, allocating capital across diversified asset classes, including real estate, infrastructure, and private equity
cohorts, the region offers a young, dynamic consumer and labor market.
Supportive Policy Environment
Governments are rolling out targeted incentive programmes to attract FDI – Qatar being a prime example
Dual Energy Strategy
Continued upstream energy investment coexists with ambitious clean energy and hydrogen roadmaps, offering diversified exposure.
Technology & Innovation Leadership
Growth in AI, digital infrastructure, and data assets –backed by sovereign actors and strategic investment –signals the region’s transition to a knowledge-based economy
From green hydrogen and solar energy to AI, infrastructure, and incentives, the Middle East is charting a transformative path poised to attract significant global capital over the next five years.
Join us at our Middle East Family Office Investment Summit in Dubai on 15 and 16 December.
mefamilyofficesummit com
Singapore Celebrates 60 Years of Prosperous International Ties
This month, the vibrant city-state of Singapore celebrates a remarkable milestone: 60 years of independence What began as a small island nation with limited natural resources has, through visionary leadership and an unwavering commitment to excellence, blossomed into an unparalleled global hub for trade, innovation, and diplomacy
Singapore's anniversary is more than a national celebration; it is a testament to the power of building bridges and the profound success that comes from being a trusted and reliable partner on the world stage
From its earliest days, Singapore understood that its future prosperity was inextricably linked to the world The founding philosophy of building a ‘global city’ has been meticulously realized, transforming the nation into a crucial node in the international network of commerce and cooperation.
A Foundation of Friendship and Mutual Benefit
Singapore’s foreign policy, built on the principles of sovereignty, meritocracy, and rule of law, has earned it immense respect and credibility This has allowed it to cultivate deep and lasting relationships across continents. Its role as a founding member of the Association of Southeast Asian Nations (ASEAN) underscores its commitment to regional stability, economic integration, and collective growth, serving as a unifying force and a voice of reason in the region
Thriving Economic Partnerships
Singapore's economic story is a global collaboration It has established itself as a premier destination for foreign investment, attracting multinational corporations with its strategic location, world-class infrastructure, and highly skilled workforce. The nation boasts an extensive network of over 20 Free Trade Agreements (FTAs) and Avoidance of Double Taxation Agreements (DTAs),
facilitating seamless cross-border trade and investment with partners from the Americas to Europe and across Asia
Key relationships with economic powerhouses like China, the United States, and the European Union have flourished Joint ventures, knowledge exchange, and co-investment in sectors like finance, biotechnology, and advanced manufacturing have been mutually beneficial, creating jobs and driving innovation both in Singapore and in partner nations.
A Bridge Between Worlds
Singapore has uniquely positioned itself as a neutral and trusted convenor for the international community It hosts a multitude of world-class events, including the Shangri-La Dialogue for defence diplomacy and the Singapore FinTech Festival Furthermore, its excellent infrastructure and diplomatic facilities have made it the chosen location for historic meetings, such as the 2018 summit between the United States and North Korea, cementing its reputation as a safe and effective venue for global dialogue.
Looking Forward: A Future Built on Collaboration
As Singapore steps into its next chapter, its spirit of international partnership is more vital than ever It is actively pioneering new frontiers of cooperation, from leading regional sustainable finance initiatives to collaborating on smart city technologies and digital economy agreements with countries like Australia, Chile, and New Zealand
The nation's success is a powerful example of how a country can thrive by embracing the world Its anniversary is a celebration not just of national achievement, but of the friendships forged over decades Singapore stands as a brilliant proof point that in an interconnected world, the greatest victories are those shared with partners
The international business community looks on with great anticipation, confident that Singapore’s forthcoming decades will be marked by even deeper global integration and shared prosperity
Jordan Wise is the founder of Caos, a creative agency providing strategy and production services for some of the world’s leading brands, including Nike, Adidas, and Beats by Dre. Alongside this, he runs Gaffer, a media platform that fuses sports, music, fashion, and culture, building a community of millions with a strong Gen Z focus
For over a decade, Jordan has been deeply embedded in the football world, completing more than 100 contracts for
Introducing Jordan Wise
players – covering both on-field agreements and off-field commercial deals – while also advising football clubs on commercial strategy and player trading.
Following his appearance at our Europ Family Office Investment Summit, we sat down to talk to him about his work, which reflects a career fully immersed in the intersections of sport and culture
Could you give some examples of projects you've worked on that our readers might have seen?
From a very linear football perspective, last year I brokered a record-breaking transfer for Arsenal Football Club – it was their largest ever sale of one of their players to another team One that I remember fondly was for the England team and for Nike's first ever relaunch of the England gear We shot the whole campaign on film, which was unheard of and a very big risk, because you only have a limited amount of time with football players, and it was a super successful campaign Something more leftfield outside of the sports lens is Virgin Galactic, one of the first companies to send people to space for a million dollars a ticket
When they officially launched, we produced all of the global contents of the launch campaign –video, photography assets that went absolutely viral across the the world when they announced that they were now live to fly you to space and that was really cool meeting Richard Branson, working with some real life astronauts, and bringing together all that content in a really compelling way to land with, you know, the space enthusiast, but also the high net worth individual who's interested in taking themselves to space
What does a typical day look like for you?
It's a thriving office environment with lots of creative people, lots of creative energy A typical day could be lots of interesting conversations on exciting projects that we ’ re working on I could see some famous people turn up at our office from the music industry, from the sports world, from the business world, and there's a constant flow of lots of interesting faces and interesting conversations And I think that culture and that environment breeds some of our best work and puts us on the front end of progressive conversations or innovative ideas that can disrupt the cultural space
Could you give an overview of your career to date and how you ended up in this position?
The short story is I worked in the City as a trader for many years, very successfully, but had always had a strong passion for sports and I had this feeling that I wanted to explore something else I left the job, I built a business plan in football and to become an agent I looked at the industry taking that sort of analytical trend predicting expertise into the football space I identified
certain areas that I felt were inefficient or undermonetized, or utilized, and effectively launched a career as a football agent in the sports space And after a few years of working in the industry, I noticed that there were some other interesting gaps still, especially around the athletes themselves and how they tapped into their audiences and monetised their audiences and their intellectual property. And that was the catalyst for me creating Gaffer that would become this sort of culture leading and defining platform that views these different worlds of sports and music and fashion Then off the back of that, brands started to identify and connect with us, really appreciating the premium aesthetic that we were creating and how we were fusing these worlds
And that's what led us into working with the brands directly, helping them, advising them, producing work for them ultimately and onboarding them as clients And then we've sat in this really interesting space for the last five and a half to six years where we're working with athletes, we're working with musicians, we're working with the brands themselves All these worlds are very cohesive, because ultimately, we're just trying to help all of them connect with the specific audiences that they are looking to create authentic stories for and connections with.
What's next? What should we be looking for from you in the future?
If you look at the last six years of where we've been leading – from creative work, production to sports and music and ultimately culture – I know the next landscape that is going to see tremendous growth is around IP, intellectual property, across the landscape of culture whether it's musicians, whether it's film, whether it's sports, that's ultimately a frontier that is going to become even hotter And that's a space that we're very much immersed in now, especially with the development and progression with regards to new technologies obviously AI
It's going to be very interesting to see how in the future our own images are being used without our physical presence, and or how our own voices or sounds or similar things of such nature are going to be monetised across the globe And so those intersections and that front line is where we're really immersing ourselves right now and something we're super excited about, but very much underlining the importance of intellectual property, only and monetising it in the right way.
From Script to Screen: How AI is Quietly Revolutionizing Hollywood
The industry was jolted awake by a recent, headline-grabbing deal: Amazon’s acquisition of the AI-powered video generation startup Showrunner While the financial terms were not disclosed, the implications are vast Showrunner’s technology, developed by Fable Studio, allows users to generate entire animated episodes – complete with characters, dialogue, and editing – simply by typing a text prompt
This isn't just a new tool; it's a potential paradigm shift The acquisition signals that tech and media giants are betting big on AI not merely as an assistant, but as a future content creation engine, raising both excitement and profound questions about the very nature of production
This move is just the most visible tip of the iceberg Behind the scenes, Artificial Intelligence is already deeply embedded in the film and TV production pipeline, transforming workflows from the writers' room to the final color grade
How AI is Infiltrating Every Stage of Production
1. Pre-Production: The Generative Storyteller
AI is moving beyond a simple brainstorming tool Writers and producers are using large language models to analyze scripts for pacing, plot holes, and even predict audience reception
It can generate loglines, suggest dialogue alternatives, and create countless iterations of a scene While it doesn't replace human creativity it acts as a powerful ideation and efficiency multiplier
2 Production & Visual Effects: The Digital Magician
This is where AI has made the most staggering leaps
De-aging and Deepfakes: This is now commonplace Martin Scorsese’s The Irishman used extensive AI-driven de-aging technology to allow its stars to play characters across decades The Star Wars franchise has used this technology to recreate a young Princess Leia and Luke Skywalker a process that would have been impossible with traditional VFX
Backgrounds and World-Building: Instead of sending a crew to expensive locations, AI can generate photorealistic environments. Disney’s The Mandalorian famously uses "StageCraft" – a wall of massive LED screens that display AIassisted, dynamic, and photorealistic backgrounds in real time This allows actors to see the world they are in and eliminates the need for costly green screen post-production Stunt Doubles and Character Creation: AI can map an actor's performance onto a digital double for dangerous stunts or create entirely synthetic characters The technology used to bring a young Arnold Schwarzenegger back in Terminator: Dark Fate is a prime example, blending AI with VFX
3 Post-Production: The Efficient Editor
Editing: AI can rapidly analyze hundreds of hours of footage to automatically select the best takes, match continuity, and even assemble rough cuts based on the script's emotional arc. This saves editors from tedious logging tasks freeing them to focus on creative choices
Sound Design & Music: AI tools can generate original sound effects or compose scores in specific genres They can also automatically clean up audio, remove unwanted background noise, and sync dialogue.
Color Grading: AI can apply consistent color grades across different shots and lighting conditions instantly, a process that was once incredibly time-consuming
4 Promotion and Distribution: The Predictive Analyst
Studios have long used AI to analyze data and make decisions about which projects to greenlight Now, they use it to tailor marketing campaigns, predict box office performance, and even determine the optimal release window for a film by analyzing global market trends and social media sentiment
The Showrunner Example: A Glimpse of the Future
The technology behind Amazon's new acquisition offers the most provocative vision of what's to come In a demonstration Fable Studio used Showrunner to generate an entire new episode of South Park simply by providing the AI with a prompt The AI handled the writing, animation, voice cloning, and editing
While the result was imperfect, its potential is disruptive It suggests a future where:
Hyper-Personalization: Viewers could prompt an AI to generate custom content – a new scene for their favorite character or an alternate ending
Rapid Prototyping: Studios could generate pilots or animatics in hours instead of months testing concepts before committing vast resources
Content at Scale: The barrier to entry for high-quality animation could plummet, leading to an explosion of new content
The Human Element: Collaboration, Not Replacement?
The rise of AI inevitably sparks anxiety about job displacement, a central issue in the recent Hollywood strikes The consensus among most industry leaders, however, is that AI will be a collaborator rather than a replacement – at least for now It is a tool that automates the tedious, accelerates the possible, and empowers creatives to tell stories in ways they never could before
The real challenge for Hollywood won't be adopting the technology, but navigating its ethical implications: establishing clear rules around AI-generated performances, protecting intellectual property, and ensuring that the irreplaceable spark of human emotion remains at the heart of storytelling The curtain is rising on a new era of production, and AI has a starring role.
For many international businesses, ‘diversity, equity, and inclusion’ (DEI) can sound like a well-meaning but abstract corporate initiative – a nod to social progress rather than a hard-nosed business strategy
Skepticism is common: is it just a buzzword? Does it lead to unworkable quotas that prioritize identity over merit?
For a traditionally monocultural firm, the introduction of differing viewpoints can feel disruptive even unwelcome challenging long-held norms and comfortable ways of working
Yet, a growing body of evidence suggests that overcoming this initial resistance is not just the right thing to do; it is one of the most powerful strategic advantages a globally operating company can cultivate Moving beyond tokenism to build a genuinely diverse workforce is a key driver for entering new markets, connecting with customers, and boosting the bottom line
The Initial Hesitation: Valid Concerns and Misplaced Fears
The apprehensions are understandable Some leaders worry that mandated diversity quotas can undermine a meritocratic culture, potentially leading to internal resentment.
Others from homogeneous backgrounds may fear that incorporating widely differing perspectives will slow down decision-making, creating conflict where there was once harmony
This friction however is often a sign of growth The initial discomfort of challenging a monolithic culture is the necessary price of entry for a more resilient, innovative, and globally competent organization The goal is not to lower standards but to broaden the aperture through which talent is identified and opportunity is recognized.
The Tangible Benefits: From Theory to BottomLine Results
The compelling case for diversity is not built on idealism alone; it is backed by robust data and clear commercial outcomes. For companies operating across borders these benefits are particularly pronounced
1 Enhanced Innovation and Problem-Solving
Diverse teams are fundamentally better at innovation. A study by Boston Consulting Group (BCG) found that companies with above-average diversity on their management teams reported innovation revenue that was 19 percentage points higher than that of companies with below-average leadership diversity – 45% of total revenue versus just 26%
Why? Homogeneous groups often suffer from ‘groupthink’, where consensus overrides critical analysis A team comprising different nationalities, genders, and cultural backgrounds brings varied life experiences and cognitive approaches This diversity of thought acts as a safeguard against blind spots leading to more creative solutions and a deeper analysis of problems, which is invaluable when developing products and strategies for a global marketplace
2. Deeper Market Insight and Customer Resonance
A workforce that reflects a company ’ s international customer base is uniquely equipped to understand its needs Employees from different cultures provide innate, grassroots-level insight into local customs, consumer behaviors, and unspoken preferences that might be missed by external market research.
Case Study: Nike
Nike’s targeted approach to product design with diverse teams offers a clear example The company developed the Nike Pro Hijab, a performance hijab for Muslim female athletes. This product was not developed in a vacuum; it came from listening to and empowering diverse voices within and outside the organization It opened up a new market segment, generated global positive press, and demonstrated an authentic commitment to inclusion that resonated powerfully with consumers worldwide, directly impacting brand loyalty and sales
3 Improved Financial Performance
Ultimately, the benefits of innovation and market insight converge on the financial statement McKinsey & Company’s seminal report, "Diversity Wins," consistently tracks a positive correlation between diversity and profitability Their 2019 analysis found that companies in the top quartile for ethnic and cultural diversity on executive teams were 36% more likely to outperform their peers on profitability This isn't just correlation; it's a demonstrable causal relationship where diverse leadership drives better business outcomes
4. Superior Talent Acquisition and Retention
The war for talent is global Companies known for their inclusive cultures attract a wider, more talented pool of applicants A Glassdoor survey found that 76% of job seekers and employees report a diverse workforce is an important factor when evaluating companies and job offers Furthermore, an inclusive environment where employees feel valued and heard increases retention reducing the immense costs associated with turnover This is critical for retaining local talent in international offices, ensuring that institutional knowledge remains and that the company is seen as a local employer of choice
A diverse team is a company ’ s first line of defense against cultural missteps that can escalate into public relations disasters or failed product launches An employee with local knowledge can flag a potentially insensitive marketing campaign, a product name with an unfortunate double meaning in another language, or a business practice that may be culturally inappropriate This internal earlywarning system protects the company ’ s reputation and saves millions in potential rebranding and crisis management costs
Why Diversity and Excellence Must Combine
It is critical to frame this pursuit within the nonnegotiable context of excellence. The objective of a strategic diversity initiative is never to lower the bar or to value background over ability; rather, it is to actively and systematically raise the bar by expanding the talent pool from which excellence is sourced The goal is to ensure that the most qualified individuals are found and empowered, which requires dismantling unconscious biases that may have previously caused companies to overlook exceptional candidates from non-traditional backgrounds
Ultimately, a company's strength lies in the competence of its entire workforce Diversity without qualified employees is merely a statistic; diversity of highly qualified employees is a strategic superpower that drives the innovation and global competence outlined above The most successful international firms understand that merit and diversity are not opposing forces but complementary prerequisites for building a truly world-class team
The Strategic Imperative
The conversation is shifting from why companies should diversify to how they can do it effectively It requires a strategic, top-down commitment that goes beyond hiring quotas It involves fostering an inclusive culture where all voices are heard and valued implementing unbiased recruitment processes and providing cultural competency training
For international businesses, diversity is no longer a peripheral HR issue It is a central pillar of global strategy The initial cultural shift may be challenging, but the rewards – increased innovation deeper market penetration and a stronger bottom line – are not just feel-good metrics; they are the hallmarks of a truly world-class, competitive enterprise
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We drive over frozen sea ice and among icebergs We visit the old russian ghost town Pyramiden and the mining community in Barentsburg
Hiking and trekking
Follow ancient trails through mountains and tundra, accompanied by certified guides sharing the natural and cultural history of Svalbard
Custom Experiences & Special Services
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The Global Hubs of Dynastic Wealth: The Top 5 Cities for Family Offices
The world of family offices is inherently discreet, focused on the long-term preservation and growth of generational wealth Choosing a base of operations is one of the most critical decisions a family can make, as it impacts everything from investment opportunities and talent acquisition to regulatory burdens and lifestyle
While the ‘best’ city can be subjective based on a family's specific needs, origins, and goals, several global hubs consistently rise to the top due to a powerful combination of financial infrastructure, legal stability, and strategic advantages
Based on the key criteria for family offices financial ecosystem & access, regulatory & tax environment, professional talent pool, connectivity & lifestyle, and political & economic stability here are the top five cities in the world for family offices.
Singapore has aggressively positioned itself as the premier family office hub in Asia and a leading contender globally Its rise is no accident; it is the result of deliberate government policy designed to attract ultrahigh-net-worth individuals (UHNWIs)
Why it ranks #1: Singapore offers a compelling package of political stability, a robust common law legal system and an extremely favorable tax environment Specifically family offices can often obtain exemption from Singapore's fund tax regime, leading to tax efficiency on investment income
Key Advantages:
Strategic Gateway: It serves as the perfect gateway for families looking to access the growth opportunities and markets across Southeast Asia and China
Talent and Infrastructure: The city-state boasts a deep pool of experienced bankers, lawyers, and investment professionals specializing in wealth management Its financial infrastructure is world-class Safety and Liveability: Consistently ranked one of the safest cities in the world with an exceptional quality of life, it is an attractive place for families to reside
1 Singapore: The Asian Powerhouse
2 London: The Established European Titan
A long-standing center of global finance, London remains a powerhouse for family offices due to its profound depth and history
Why it ranks #2: London's primary strength is the sheer scale and sophistication of its financial ecosystem It offers unrivalled access to a vast array of asset managers, private equity, venture capital, and alternative investments
Key Advantages:
Deep Talent Pool: It is home to the largest concentration of family office professionals in Europe, with expertise in everything from legacy planning to impact investing
Global Connectivity: Excellent flight links to the Americas, Middle East, and Asia make it a perfectly connected hub for globally-minded families
Cultural & Educational Offerings: Worldclass universities, arts, culture, and healthcare make it a desirable long-term base for families
3 Zurich: The Epitome of Stability and Discretion
The heart of the Swiss banking tradition, Zurich embodies the private stable and serviceoriented environment that family offices cherish
Why it ranks #3: Zurich is synonymous with political and economic stability, banking discretion, and a highly predictable regulatory framework For families prioritizing capital preservation above all, it is a top choice
Key Advantages:
Private Banking Expertise: It offers unparalleled expertise in private banking and wealth management built over centuries
High Quality of Life: Nestled by a lake and the Alps, it offers a pristine environment with a very high standard of living
Multilingual Talent: The professional workforce is highly educated and fluent in multiple languages facilitating international business
4 New York: The Epicenter of Capital and Innovation
As the financial capital of the world's largest economy, New York is an undeniable magnet for family offices seeking direct access to deal flow and innovation.
Why it ranks #4: New York is unmatched for direct access to capital markets, venture capital, private equity, and hedge funds It is the ideal base for families with an aggressive, investment-focused strategy
Key Advantages:
Deal Flow: Proximity to Wall Street and Silicon Alley provides unparalleled access to investment opportunities and innovators
Advisor Network: It hosts the largest concentration of legal, accounting, and consulting firms with dedicated family office practices
Diversity of Assets: From real estate and art to tech startups and philanthropy, the range of asset classes and experts is immense
5. Hong Kong: The Gateway to China (Amidst Evolution)
Despite recent geopolitical challenges, Hong Kong retains its vital role as a financial gateway and a hub for family offices, particularly those with interests in Greater China
Why it ranks #5: Hong Kong's key strength remains its unique position as a bridge between international capital and Chinese markets It maintains a low-tax regime, a common law legal system, and free flow of capital
Key Advantages:
China Access: Its proximity and deep ties to mainland China are its most significant and unique advantage for certain families
Established Infrastructure: It possesses a mature and sophisticated financial infrastructure with deep liquidity.
Wealth Concentration: A high density of UHNWIs in the region creates a natural ecosystem for family office services
Rebuilding a Legacy: Damascus Bets on Tourism for its Economic Future
Damascus, the capital of Syria, is a city that resonates with history. Fabled as one of the world’s oldest continuously inhabited cities its ancient streets have witnessed the rise and fall of empires Following over a decade of devastating conflict, a fragile stability has returned to government-held areas, including the capital
Now the Syrian government in collaboration with select private sector allies, is embarking on an ambitious and fraught endeavor: resurrecting a tourism industry from the ashes This strategy is seen as a potential lifeline for a shattered economy, but the path forward is exceptionally complex.
The Strategy and The Key Players
The drive to revive tourism is being led by a coalition of state and semi-private entities
The Syrian Ministry of Tourism has been the most vocal proponent, launching initiatives to promote domestic tourism and tentatively attract visitors from allied nations
They have focused on rehabilitating key historical sites in Damascus, such as the iconic Umayyad Mosque, which has undergone restoration, and the ancient Souq al-Hamidiyah which remains a bustling if less crowded, center of commerce
Alongside the government, a handful of resilient local business figures and diaspora investors are making calculated bets This has primarily taken the form of investing in the refurbishment of key hotels in Damascus, such as the famous Four Seasons Hotel Damascus, which reopened in 2022 after significant renovations, positioning itself to host diplomatic delegations,
international journalists and the few business travelers who venture in The Syrian Arab Airlines has also slowly restarted flights to a limited number of regional destinations, reconnecting Damascus to hubs like Dubai, Cairo, and Muscat
The Prospective Traveler and Investment Landscape
In the immediate future, the target demographic is clear and narrow The government is not marketing to Western backpackers or mainstream holidaymakers. Instead the focus is on two primary groups:
1 The Syrian Diaspora: Millions of Syrians living abroad, particularly in the Gulf, Europe, and North America, represent the most significant and immediate market Travel for family visits, cultural connection, and investment exploration offers the most substantial short-term inflow Their travel is
2 Regional Tourists from Allied States: Tourists from countries that maintained diplomatic relations with Syria and have a cultural or religious affinity, such as Iran, Russia, and certain Gulf states, are a key target
Religious pilgrimage, particularly to Shia sites like the Sayyidah Zaynab Mosque south of Damascus, is a major driver for this segment.
The investment opportunities, while high-risk, are potentially high-reward for those with deep regional expertise and a long-term horizon They currently exist in specific niches:
Hotel Refurbishment and Management:
Upgrading existing hotel infrastructure to international standards
Logistics and Tour Operations: Establishing travel agencies, tour guide services, and transport companies catering to the specific needs of these niche tourist groups
Artisanal and Retail Revival: Investing in the crafts and trades that define Damascus such as textile manufacturing (brocade), traditional soap making, and other goods sold in the historic souqs
The Immense Challenges
The challenges to this vision cannot be understated
Safety and Perception: While Damascus is considered relatively stable, the country remains fragmented, and security incidents occur. The international travel advisory status for Syria remains at the highest warning level for most Western governments, effectively banning tourism from those markets
Infrastructure Decay: Beyond the iconic sites, the country's broader infrastructure –from electricity and water to roads and telecommunications – has been severely degraded, impacting the quality of a tourist's experience
Political and Economic Instability: The Syrian pound is highly volatile, and the country's political future remains uncertain, creating a precarious environment for any long-term capital commitment
For international family offices, the Syrian market was largely off-limits due to previous sanctions and extreme risk.
And for regional family offices based in the Middle East – particularly in Gulf states that have reengaged with Damascus – a more nuanced opportunity also exists
These offices, with their deep cultural understanding long-term investment horizons and political connections, are potentially among the few entities that could navigate this landscape
Their most plausible role would not be in direct, high-profile tourism projects but in supporting the underlying ecosystem This could involve:
Diaspora-Linked Investment: Facilitating and structuring investments for Syrian diaspora clients looking to rebuild their heritage, potentially through private equity-style funds focused on small and medium enterprises (SMEs) in the hospitality and artisan sectors Philanthropic-Investment Hybrids: Funding restoration projects for historical sites as a form of cultural philanthropy, which also serves to rebuild the essential "product" that the tourism industry relies upon
Supply Chain Investments: Investing in businesses that support the tourism and hospitality sector, such as agricultural projects to supply hotels with local produce, which may carry a lower political profile than direct tourism assets
Damascus's quest to rebuild its tourism industry is a story of immense ambition facing overwhelming odds The immediate future will be defined by a narrow focus on diaspora and regional visitors, with investment opportunities confined to a small group of actors able to navigate the complex political and financial constraints
While a return to Syria's status as a global tourist destination is a distant prospect, the initial steps towards rebuilding its economy through this lens are undeniably underway
For the savvy and risk-tolerant regional investor, it represents one of the world's most challenging –and potentially transformative – frontiers
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