Pre-reading questions:
I will read each question. Then, please answer them.
- What comes to mind when you think about Dubai?
- If you were to live in Dubai, what challenges do you think you might experience, considering its unique cultural and economic landscape?
Vocabulary:
I will read the words, meanings, and sample sentences. Then, repeat after me.
- client /KLAHY-uhnt/
- emphasize /EM-fuh-sahyz/
- commitment /kuh-MIT-muhnt/
- economic /ek-uh-NOM-ik/
- decline /dih-KLAHYN/
[noun] – a customer or someone who receives services
The business prioritizes delivering exceptional products and services to every client, ensuring satisfaction and loyalty.
[verb] – to show that something is very important or worth giving attention to
During the presentation, the speaker tried to emphasize the significance of sustainable practices in business.
[noun] – a promise or firm decision to do something
His commitment to the project was evident through his tireless efforts and unwavering dedication, showcasing his strong belief in its success.
[adjective] – relating to trade, industry, or money
The government implemented economic reforms to stimulate growth and improve financial stability.
[noun] – when something becomes less in amount, importance, quality, or strength
The decline in sales affected company profits, leading to a reassessment of business strategies.
Article reading:
Please read the whole article. Then, I will check your pronunciation and intonation.
An increasing number of Asian wealth managers are establishing operations in Dubai, driven by the improved diplomatic relations between China and the Middle East. This change is driven by a growing interest among clients to spread out their investments. Dubai has become the preferred destination for entrepreneurs and wealthy families from Asia, especially China, because of its favorable policies and opportunities to expand businesses.
One key player in this shift is Noah Holdings, a major Chinese wealth manager overseeing about $23 billion in client assets. Led by Chief Financial Officer Qing Pan, the company plans to obtain a business license in Dubai by the end of this year. This move is strategic, aiming to assist Chinese entrepreneurs entering the Middle Eastern market. Pan emphasizes Noah’s commitment to aligning with clients’ wealth growth, making it necessary to have a presence in Dubai to manage locally generated wealth. The Middle East’s growing importance for Beijing, along with its post-COVID economic recovery, politically neutral stance, business-friendly environment, and tax-free status, has attracted many wealthy individuals to the region. Formerly, Hong Kong and Singapore were key for offshore wealth; now, clients explore new markets. Despite a global high-net-worth individual (HNWI) decline in 2022, the Middle East witnessed a 2.8% HNWI increase. Firms like Farro Capital and Tsang Group establish Dubai offices to tap into its growing wealth and investments, driven by geopolitics and Dubai’s incentives, including the ‘golden visa’ system.
One key player in this shift is Noah Holdings, a major Chinese wealth manager overseeing about $23 billion in client assets. Led by Chief Financial Officer Qing Pan, the company plans to obtain a business license in Dubai by the end of this year. This move is strategic, aiming to assist Chinese entrepreneurs entering the Middle Eastern market. Pan emphasizes Noah’s commitment to aligning with clients’ wealth growth, making it necessary to have a presence in Dubai to manage locally generated wealth. The Middle East’s growing importance for Beijing, along with its post-COVID economic recovery, politically neutral stance, business-friendly environment, and tax-free status, has attracted many wealthy individuals to the region. Formerly, Hong Kong and Singapore were key for offshore wealth; now, clients explore new markets. Despite a global high-net-worth individual (HNWI) decline in 2022, the Middle East witnessed a 2.8% HNWI increase. Firms like Farro Capital and Tsang Group establish Dubai offices to tap into its growing wealth and investments, driven by geopolitics and Dubai’s incentives, including the ‘golden visa’ system.
Comprehension questions
I will read each question. Then, please answer them based on the article.
- What is motivating an increasing number of Asian wealth managers to set up operations in Dubai?
- Why has Dubai become a preferred destination for entrepreneurs and wealthy families from Asia, particularly China?
- How much in client assets does Noah Holdings, a major Chinese wealth manager, oversee?
- What is Noah Holdings’ strategic move regarding Dubai, and when do they plan to obtain a business license there?
- According to the article, what is one of the key factors attracting wealthy individuals to the Middle East?
Discussion questions
I will read each question. Then, please answer them.
- Have you or someone you know ever thought about spreading investments into markets outside your home country? If so, what things made you think about this? If not, what do you think could encourage people to explore investment opportunities in different regions?
- If you worked as a wealth manager, how would you give advice to clients who want to diversify their investments because of changes in the economy and world politics?
- Do you agree that Dubai’s friendly policies, tax-free status, and ‘golden visa’ system make it very attractive as a place for wealth management?
- What things do you think might make people from Asia, especially China, choose Dubai over other places like Hong Kong or Singapore for managing their wealth? How could this choice change how wealth management is done globally?
- With more people choosing Dubai over Hong Kong and Singapore for wealth management, what problems might companies face in adjusting to the unique features of the Middle Eastern market?