Anjarwalla Collins & Haidermota (AC&H), established in Dubai in 2010, aims to support clients engaged in business activities between Africa and the Middle East. The firm is a member of ALN, a legal alliance that originated in Kenya, and specializes in mergers and acquisitions, dispute resolution, and private client services.
Devvrat Periwal, a partner in the firm’s private client practice, assists high-net-worth individuals and family-owned businesses with wealth and succession planning. His expertise includes structuring ownership of family assets, facilitating the transfer of company shares to the next generation, and providing guidance on corporate governance.
In an interview with Hubbis, Periwal outlined his approach to preparing successors for family business leadership and discussed the firm’s expanding fiduciary services, targeting Tanzania as their next focus in East Africa. He noted the trend of African business owners utilizing holding structures in the United Arab Emirates, anticipating increased scrutiny from banks, trustees, and insurers regarding asset management as global financial jurisdictions enhance information sharing.
Insights from Periwal’s Work
Periwal emphasized the importance of preparing successors in the succession process. “How do you transfer the business to the next generation? How do you structure that transfer?” he asked, highlighting the dual necessity of planning ownership transfer while mentoring younger family members in business operations. He aims to help founders ensure that ownership arrangements are effective when they step back.
In a recent mandate involving a manufacturing client, Periwal provided counsel on establishing and updating trusts in offshore locations like the Cayman Islands and Channel Islands. This engagement also included coordinating wills across multiple jurisdictions and managing property investments in the UAE and the United Kingdom.
Citing plans for the private client practice, Periwal mentioned pursuing a corporate service provider license in the Dubai International Financial Centre and a fiduciary license in Saint Kitts and Nevis. His vision includes facilitating the setup of entities for local and offshore assets, while augmenting fiduciary services based on client needs.
Over the next six to twelve months, AC&H intends to broaden its fiduciary services in Tanzania, building on existing partnerships such as the one with Adili Fiduciary Services in Kenya. Periwal believes that success in Tanzania could serve as a model for future expansions into other African markets.
Periwal observed that many African entrepreneurs are relocating their holding structures to the UAE, which offers attractive double taxation agreements. He anticipates that this trend will continue, driven by factors such as quality education, healthcare, and safety in the UAE. He also noted that regional conflicts have put certain investment initiatives on hold but still regard the UAE as a strategic jurisdiction for international markets.
He acknowledged the growing involvement of sovereign wealth funds and private investors from the Gulf in African sectors such as infrastructure, healthcare, and pharmaceuticals. Periwal pointed out an increasing interest in Africa from countries like Türkiye and inquiries from Southeast Asia about opportunities in both the UAE and Africa.
As jurisdictions enhance their financial disclosure requirements, Periwal expects banks, trustees, and insurers to be more inquisitive about asset holding structures. “It’s going to be harder and harder to hide behind structures,” he warned, urging clients to be proactive about potential disclosures.
Periwal, who became a partner in 2023, studied law in Mumbai after growing up in a business-oriented family in Delhi. He’s witnessed first-hand the dynamics of running a business as a family, which informs his advisory work. Outside of his professional commitments, Periwal enjoys playing padel and spending quality time with his wife and their young son.
