In an effort to strengthen ties between two major global wealth hubs, the Emirates Family Office Association (EFOA) has inked a strategic Memorandum of Understanding (MoU) with the Hong Kong Academy for Wealth Legacy (HKAWL).
The goal of the agreement is to strengthen cooperation, knowledge sharing, and capacity building between the UAE and Greater China family offices.
Go deeper with GlobalData
As they endeavour to assist the expanding family office ecosystem and build a more cohesive, professional, and forward-thinking network across borders, the alliance represents a significant milestone for both organisations.
The Hong Kong Academy for Wealth Legacy, established in 2023, is a rapidly growing institution committed to developing quality in the family office scene. It offers education, networking opportunities, and thought leadership to family principals, next-generation leaders, and single-family office practitioners. Its mission is closely aligned with that of EFOA, which is an independent group that supports UAE-based and global family offices through advocacy, education, and international outreach.
The new MoU shows a common ambition for improving training and development initiatives while elevating Abu Dhabi and Hong Kong to significant players in the global family office scene.
Adam Ladjadj, Founder and Chairman of EFOA stated: “HKAWL is a leading institute in the family office ecosystem and a natural partner for EFOA to work alongside as we promote collaboration and knowledge sharing among our member bases. The family office industry is expanding rapidly. It is vital the sector – regionally and globally – is engaged with new learning and relationship building opportunities to ensure best practices and ways of working for all.”
EFOA Board Member Fahad Al Gergawi shared: “We were pleased to identify HKAWL as an organisation that engages audiences aligned to EFOA, focusing on family principals, next-gens and Single-Family Office leaders. Our members now can lean on a regionally connected partner to help them navigate the cross-border connections that are often opaque and costly to authenticate in Asia, and vice versa for the HKAWL network looking to the Middle East.”
HKAWL representatives also celebrated the collaboration, emphasising the growing need for international cooperation among family offices.
Angel Chia, Executive Director of HKAWL, said: “As HKAWL cultivates a growing network of family peers, we rely on more like-missioned partners to extend the cohort network. We are excited to facilitate further collaborations between Asia and the Middle East through this partnership with EFOA.”
Adrian Cheng, Chairman of HKAWL, added: “The need for legacy development by wealth and business families transcends borders, particularly as both Asian and the Middle East are experiencing similar challenges of family enterprise transformation, cultivating next-gens, and formalising and professionalising family office governance. We think the MOU presents the opportune time for families between Asia and the Middle East to learn and evolve together, to form the bedrock of further collaboration.”
The partnership with HKAWL follows a series of MoUs signed by EFOA in 2024, including with the Middle East Venture Capital Association and Chinese financial data provider Wind. These alliances underline EFOA’s commitment to offering global connectivity, insights, and education to a growing community of family offices worldwide.
