DUBAI – Middle Eastern entrepreneurs are leading the way when it comes to venturing into multiple businesses compared to their counterparts in other regions, according to newly released data from HSBC Private Banking’s Essence of Enterprise report. More than 26% of entrepreneurs below the age of 54 in the Middle East have active shareholding in more than five businesses, making them the most active investors globally, with Europe (12%) and the US (10%) next in line.

The report, which researched views of more than 3,700 successful entrepreneurs across eleven countries, also revealed that entrepreneurs in the Middle East tend to set up their businesses at a younger age compared to their global counterparts. Around 73% of Middle Eastern business owners get involved with their first company in their 20s, compared to a global average of 58%.

Middle Eastern entrepreneurs are also more successful at a younger age as evidenced by the size of their annual business turnover. Around 42% of Middle Eastern entrepreneurs generate an average annual turnover of $2 miliom before the age of 35, making them some of the youngest entrepreneurs globally.

Sobhi Tabbara, HSBC’s Global Market Head of Private Banking for the Middle East, said: “The report tells us that entrepreneurs in the Middle East are among the world’s most ambitious and dynamic communities given their business achievements and successes at such a young age. Understanding the diverse needs and characteristics of Middle Eastern entrepreneurs is essential in helping them achieve their aspirations and supporting their personal wealth journey.”

The report also shows that 88% of business owners in the Middle East come from a background of business ownership, compared to 64% globally, and they are least likely to want to sell their companies (16% in Middle East vs. global average of 29%).

“Our shared heritage with HSBC›s Global Banking and Markets and Commercial Banking arms means that we already look after many successful entrepreneurs and have an in-depth understanding of the needs of business owners. Thanks to our expertise and thorough understanding of the local culture and economic environment, we are uniquely positioned to serve the needs of entrepreneurs in the Middle East,” added Tabbara. — SG