WATCHING OUT FOR THE WEALTHY

Faisal Al-Hamad, CEO of Kuwait-based NBK Wealth, has been leading the NBK Group's client-centric businesses under a unified umbrella since 2021. With over $20 billion in assets under management, he's now planning for expansion.

- Faisal Al-Hamad

Many people aspire to create wealth, but for the ultra-wealthy, just as important is enhancing and safeguarding their substantial financial assets. This is where the expertise of wealth managers becomes invaluable. Kuwait-headquartered NBK Wealth-part of the larger NBK Group, a banking group with a market cap of $23.4 billion as of April 2024-has been growing fast since launching a new strategy in 2021.

NBK Wealth today combines NBK Group's private banking business and asset management services under one brand, aiming to be a client-centric business. This includes the NBK Group's asset management arm, the Watani Investment Company-also known as NBK Capital as well as other investment teams in other jurisdictions and legal entities. "We take a holistic approach, considering the clients' unique circumstances, to develop customized solutions that fit their needs," says Faisal Al-Hamad, CEO of NBK Wealth. The group had assets under management exceeding $20 billion as of Q1 2024, up from nearly $16 billion in 2021. Meanwhile, its personal financial assets under advisement, including deposits, advisory, and custody for brokerage, grew from about $35 billion in 2021 to over $39 billion at the end of Q1 2024.

The Middle Eastern market, where the company is headquartered and primarily operates, is the second fastest-growing market for UHNWIs, following North America. In 2023, the Middle East saw a 6.2% year-on year increase in its UHNWI population, reaching 18,790 individuals. By 2028, this figure is projected to climb to 24,102, according to Knight Frank's The Wealth Report.