The new office is opening in a country that has the highest per capita rate of wealth in the region with family wealth often intertwined with entrepreneurs.

Fairway, an independent private client, corporate, funds and pensions services provider, has opened an office in Kuwait.

Aslam Shareef (pictured), director and head of funds at Fairway, who has recently relocated to Kuwait, will manage the new office. Fairway already has an established office in Dubai which works with some of the GCC’s wealthiest and highest profile families and institutions, the firm said in a statement.

“We have long-standing relationships with Kuwaiti-based asset managers, investment houses and families for their offshore structures. My team have gained a good understanding of the cultural sensitivities that allow us to provide a bespoke service to our Middle Eastern clients,” Shareef said. “Meeting our clients and intermediaries face-to-face is high on our agenda as part of our conscious effort to deliver a director-led, client centric service. Having a full-time, permanent presence in Kuwait and Dubai demonstrates our dedication to businesses and families based in the GCC and benefits clients who are looking to form a more personal working relationship.”

According to Forbes, the Kuwaiti Dinar is one of the strongest currencies in the world and the economy in general has seen positive developments, including 25 per cent increase in foreign exchange and deposits abroad. Kuwait has the highest per capita rate of wealth in the region with family wealth often intertwined with entrepreneurs. Several years ago, the Kuwaiti government launched the Vision 2035 project, with the aim of reducing the country’s dependence on hydrocarbon revenues while also creating a hub for finance and commerce.

“We know that businesses, families and HNWIs are now more finance savvy than they have ever been and aware of the various structuring solutions available beyond Kuwait. The real growth will come from localising these administration services and products, providing solutions that support the next generation’s aspirations,” Shareef added. “We have also observed that the institutional approach towards investment which we see in other jurisdictions is also replicated across GCC and Kuwait. As the next generations of wealthy families come to the fore, the need for estate planning and institutionalising the family businesses becomes not only a priority but a necessity.”

“As an independent, owner-managed fiduciary group, Fairway’s independence and structure allows the board of directors to take a long-term, client-centric approach to the way they do business. We place great importance on fostering meaningful relationships, travelling to meet with our clients face-to-face, ensuring our services resonate on a global scale to create lasting partnerships,” Alistair Rothwell, Fairway Group CEO, said.