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Thursday, June 20, 2024

Dubai to Support Family Businesses

The Dubai Centre for Family Businesses has unveiled three comprehensive toolkits tailored for family enterprises, addressing crucial aspects that impact the continuity, sustainability, and competitiveness of companies. The toolkits, namely Succession Planning for Family Businesses, Family Office, and Fostering Productivity through Streamlined Family Communication, serve as valuable resources for families dealing with governance and succession planning protocols.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the significance of these toolkits, expressing the commitment to support family enterprises. He underscored the importance of empowering these businesses for sustainability, successful transitions across generations, and fostering their growth.

The Fostering Productivity through Streamlined Family Communication toolkit provides insights into various areas, such as the value of family meetings, standing agenda items, and secretariat procedures. The Succession Planning for Family Businesses guide delves into effective strategies for leadership transition processes. Meanwhile, the Family Office toolkit sheds light on the benefits and structure of a family office, offering guidance on establishing a robust governance and operational model.

In the UAE, family-owned businesses constitute approximately 90% of the private sector, playing a pivotal role in contributing to Dubai’s non-oil GDP and employing a significant portion of the workforce. Many of these businesses, established during the 1950s and 1960s, are poised to undergo generational transitions in the next 5-10 years. The Dubai Centre for Family Businesses, launched in May 2023 under Dubai Chambers, is dedicated to ensuring the growth and long-term sustainability of family businesses in Dubai. The center aims to further develop this vital sector, enhancing its economic contribution to support the emirate’s future development plans.

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