A deal to offer a family wealth management service in partnership with Bermuda has been welcomed by the United Arab Emirates.

The Arabian Gulf country’s Emirates Family Office Association announced that it would establish a physical presence in Bermuda within the next year, and launch a programme for delegations from both countries to visit one another “to build relationships and strengthen ties”.

The memorandum of understanding signified “a shared ambition between the EFOA and the Government of Bermuda to strengthen cross-border ties between family offices registered in both jurisdictions”.