UAE: This Indian Expat Is Helping Businesses Future-Proof Their Finances

(MENAFN- Khaleej Times)

In 1976, a recently married Nazneen Abbas first arrived in Dubai. After a few years of marital bliss, Nazneen responded to an ad that simply asked:“Are you looking for a career?” When she discovered it was for insurance, she nearly walked back out.

But she held on - and joined the personal accident division at Alico, which is now MetLife, and eventually grew to lead the department's direct sales.“From someone who lacked confidence and had no background in insurance, I found myself heading a unit, managing teams, and later moving into broader financial planning,” she told wknd. in an interview.

Recommended For You UAE: Strong passwords, child-friendly bank cards; how to protect kids' e-money Indian lenders told to ramp up checks on funds flowing indirectly from Pakistan

Then came her life's biggest tragedy - the demise of her husband in 1990, when she was barely in her 30s.“After I lost my husband, everything changed. I had come from a well-established family in Mumbai. Yet when he passed, there were no clear structures in place. No succession plans, no defined paths for his children. That's when I realised how important it is to plan for the legacy that follows,” she said.

She began her first moves as a financial planner soon after, setting up her team within Alico. In 1999, Nazneen moved to Continental Financial Services and continued as a financial planner,“just so that I could offer my clients a diversified range of products, which I was unable to do, while being a tied agent with Alico”.

That chapter shaped her belief that legacy planning needs to stretch beyond a legal checklist and reflect the lives, values, and aspirations of those it's meant to protect. Ma'an was built on that belief.

It was around 2020 that Ma'an was born as a legacy planning team within Continental Financial Services. The seeds for Ma'an were sown as laws in the UAE evolved and solutions for all expatriates, including Muslims, had been introduced into the common law and civil law legal systems of the UAE.

Ma'an is an intergenerational financial planning platform shaped by expert professional insight and her own personal experiences. With over four decades in financial advisory, Nazneen has worked at the intersection of wealth, legacy, and family dynamics, but it was her own life that gave this work its deeper meaning. Today, the platform serves families from diverse social and economic backgrounds including wealthy individuals and businesses spanning across the Gulf.

As many of the UAE's first-generation founders are now in their 70s and 80s, Nazneen feels that the emotional hurdle is often bigger than the legal or operational one as they begin preparing for the transition of leadership and legacy.“Many first-generation founders who built their businesses from the ground up find it hard to even think about letting go. Their identity is deeply tied to the business, so stepping back can feel like letting a part of themselves go,” she said.

On the operational front, structural baggage is a common challenge. A lot of these businesses grew organically, without formal structures or governance. That makes it harder to hand over the reins smoothly.“Often, there's little clarity around roles, responsibilities, or the long-term vision among the next generation. Add to that the different leadership styles and perspectives between generations, and what's really needed is a mix of emotional mediation and very granular, careful planning,” said Nazneen.

Over 60 per cent of private companies in the UAE are family-owned, according to the Ministry of Economy. Family offices today are going beyond managing investments into broader territory like governance, education, and even resolving family disagreements. There's a growing sentiment that separating ownership from day-to-day management is key to keeping the business and the family strong for the long haul.

“We're seeing more families set up formal boards, bring in external advisors, and adopt tools like Family Constitutions and Business Charters to clearly define roles for the next generation. New regulations, such as the DIFC Family Arrangements Regulations, and programmes that certify good practices are also helping nudge families toward a more thoughtful and future-ready approach to succession planning,” said Nazneen.

Global families are redomiciling trusts and foundations from traditional hubs like Jersey or Switzerland to the DIFC. Families from the Middle East, South Asia, and Africa often feel more culturally at home here than in traditional Western jurisdictions.

“For many global families, DIFC Foundations are becoming the central hub in their estate planning. They help consolidate control - especially when heirs live in regions governed by Shariah. One of the biggest advantages is continuity - they help avoid lengthy probate processes and prevent the estate from getting fragmented across different legal systems. Some families even pair them with trusts or private funds to add more flexibility,” said Nazneen.

The next-gen heirs in the UAE are leaning towards diversified portfolios - tech, venture, or impact-driven investments, she said.“Many have studied or lived abroad, so they're more familiar with modern investment strategies and ESG (Environmental, Social, and Governance) principles. There's a deliberate push towards diversification, not just in terms of asset types, but also across regions and long-term goals. Many next-gen leaders want their investments to reflect purpose and performance. That said, traditional assets like real estate still matter, although families are increasingly looking at ways to restructure or leverage them to unlock liquidity for more flexible, forward-looking investments.”

The post-2022 influx of wealthy individuals from Russia, India, and Africa has reshaped private wealth in the UAE. These families often have assets and heirs spread across several countries, each with its legal and tax rules. There's a growing niche of multi-layered structures, blending DIFC foundations, offshore trusts, holding companies, and even dual wills to make everything work together. So estate planning today goes beyond deciding who gets what.

“We're also seeing more families setting up their first family office here in the UAE, and they're looking for guidance that brings everything together - wealth, values, philanthropy, education, and legacy. There's a bigger need for advisors who not only understand global structures but also speak the language - literally and culturally - of the families they support,” said Nazneen.

With recent updates to personal status laws, the introduction of corporate tax, and a growing family office ecosystem, Dubai is shaping up to be a place where families can meaningfully live and plan for the future.“Residency reforms, tax advantages, progressive legal tools, world-class infrastructure, a strong lifestyle offering, and global connectivity - the UAE has certainly made the decision for long-term roots much easier for global families in this decade. And the numbers will only grow from here,” said Nazneen.

MENAFN30082025000049011007ID1109995813