Vault, the digitally-enabled private wealth management platform, has launched in the UAE.
Founders Sami Abdul-Hadi and Bilal Abou-Diab, backed by global venture capital firm Outliers VC, aim to address key issues and “reshape the investment landscape”.
It will offer access to thematic and private investments including venture capital, artificial intelligence and private real estate. Vault has a presence in the financial centre Abu Dhabi Global Markets.
The platform is invite-only and those who join the waitlist will have a 30-minute call to assess their investment goals.
The UAE possesses total wealth exceeding $1trn (£786bn, €915.4bn), however Vault said that the prevailing trend in the region is to hold the majority of financial wealth in cash.
Abdul Hadi, co-founder and chief product officer at Vault, said: “In the region, many clients were receiving inconsistent financial advice and being mis-sold investment products that did not align with their long-term objectives. For example, whole of life insurance plans sold as investments, or individual high yield bonds sold as capital-guaranteed investments.
“Another common problem was that clients would be sold an investment by an adviser and rarely hear from them again”