In 1976, Nazneen Abbas, newly married, arrived in Dubai. After enjoying marital bliss for a few years, she responded to an ad inquiring, “Are you looking for a career?” Discovering it was for insurance, she nearly left.
However, she stayed and joined the personal accident division at Alico, now MetLife, eventually leading direct sales. “I went from lacking confidence with no insurance background to managing teams and moving into broader financial planning,” she told wknd. in an interview.
Her life faced a major tragedy with her husband’s death in 1990, when she was in her early 30s. “After losing my husband, everything changed. Despite coming from a well-off family in Mumbai, there were no succession plans or paths for his children. That’s when I realized the importance of planning for the legacy,” she stated.
She began her journey as a financial planner soon after, establishing her team within Alico. In 1999, Nazneen transitioned to Continental Financial Services to continue offering a wider range of products to her clients, beyond what she could as a tied agent with Alico.
This experience shaped her belief that legacy planning should extend beyond legal checklists to reflect the lives and aspirations of those it protects. Ma’an was founded on this principle.
Ma’an emerged around 2020 as a legacy planning team within Continental Financial Services, as UAE laws evolved to support expatriates, including Muslims, within the UAE’s common and civil law systems.
Ma’an is an intergenerational financial planning platform combining expert insights and Nazneen’s personal experiences. With over four decades in financial advisory, her work at the crossroads of wealth, legacy, and family gained deeper meaning through her life. Today, the platform serves families from various backgrounds, including affluent individuals and businesses across the Gulf.
As many UAE first-generation founders enter their 70s and 80s, Nazneen believes the emotional challenge often outweighs the legal or operational ones as they prepare for leadership and legacy transition. “Many founders find it hard to let go, as their identity is tied to their business,” she noted.
Operationally, structural baggage poses challenges. Many businesses grew organically without formal structures, complicating smooth transitions. “There’s often little clarity about roles or long-term visions among the next generation. Different leadership perspectives between generations require emotional mediation and careful planning,” said Nazneen.
Over 60% of UAE private companies are family-owned, per the Ministry of Economy. Family offices are expanding beyond investments to governance, education, and resolving family disputes. Separating ownership from management is seen as crucial for business and family longevity.
“More families are establishing formal boards, hiring external advisors, and adopting Family Constitutions and Business Charters to define roles for the next generation. New regulations and certified practices encourage thoughtful succession planning,” Nazneen explained.
Global families are relocating trusts and foundations from hubs like Jersey or Switzerland to the DIFC, often finding cultural resonance here.
“For many, DIFC Foundations are central to estate planning, consolidating control, especially under Shariah-governed regions. They avoid lengthy probate and fragmentation across legal systems. Some pair them with trusts for flexibility,” Nazneen added.
Next-gen heirs in the UAE are leaning towards diversified portfolios—tech, venture, or impact investments. “Many have studied abroad and are familiar with modern strategies and ESG principles, pushing for diversification in assets and regions. Traditional assets like real estate still hold value, but there’s a shift towards unlocking liquidity for flexible investments.”
The post-2022 arrival of wealthy individuals from Russia, India, and Africa reshaped UAE private wealth. These families often have assets and heirs across countries with varying legal and tax systems, leading to multi-layered structures blending DIFC foundations and offshore trusts.
“More families are setting up their first family office in the UAE, seeking guidance that integrates wealth, values, philanthropy, education, and legacy. Advisors need to understand global structures and resonate culturally with the families,” remarked Nazneen.
Recent personal status law updates, corporate tax introduction, and a growing family office ecosystem make Dubai a hub for future planning. “Residency reforms, tax benefits, progressive tools, world-class infrastructure, and connectivity make long-term settlement more appealing for global families. The trend is set to grow,” said Nazneen.
