The Dubai Centre for Family Businesses, operating under the umbrella of Dubai Chambers, has entered into a Memorandum of Understanding (MoU) with Emirates NBD, a prominent banking group in the Middle East, North Africa, and Türkiye (MENAT) region, to promote support for family businesses in Dubai and foster their sustainable long-term growth.
According to the MoU, the Centre will work alongside the Private Banking division at Emirates NBD to establish and integrate a framework of essential functions aimed at helping businesses safeguard their family wealth, legacy, and values for future generations. This initiative includes assistance in areas such as family business governance and succession planning, Dubai Media Office reported.
Additionally, the Centre will provide tailored advisory services to the bank’s family business clients, which will encompass governance maturity assessments, the creation of family charters, and the structuring of family offices to facilitate smooth generational transitions.
Emirates NBD will promote participation among its family business clients in leadership development programs organized by the Dubai Centre for Family Businesses, aimed at enhancing knowledge and skills in governance, succession planning, and business continuity.
The agreement also involves the organization of specialized workshops by the Centre for Emirates NBD clients, focusing on critical topics such as best practices in family governance, succession planning, and family office structures. Experts from Emirates NBD will actively participate in the Centre’s events.
Family businesses vital for economic growth
Khalid AlJarwan, vice president of Commercial and Corporate Services at Dubai Chambers, remarked: “Family businesses play a pivotal role in driving economic development, and ensuring their continued success is vital to sustainable growth. This collaboration between the Dubai Centre for Family Businesses and Emirates NBD reflects our shared commitment to supporting the long-term growth of family enterprises across generations by equipping them with the tools they need to thrive and enhance their competitiveness both locally and globally.”
AlJarwan added: “We are committed to supporting family businesses in adopting best practices in governance, succession planning, and next-generation skills development. This helps to strengthen their resilience and adaptability in an evolving economic landscape. We remain focused on building strategic partnerships to offer holistic solutions that support the continuity and expansion of family businesses, which are key to economic diversification and cementing Dubai’s position as a global business hub.”
New regulations enhance family business succession planning
Mohammad Al Bastaki, group head of Private Banking at Emirates NBD, stated: “As a homegrown banking institution, Emirates NBD is pleased to collaborate with the Dubai Centre for Family Businesses to strengthen the emirate’s family-owned business ecosystem. This sector plays a vital role in driving GDP and our new partnership solidifies Emirates NBD’s commitment to economic growth in line with the Dubai Economic Agenda.”
Al Bastaki further noted: “The recent introduction of various regulatory and legislative changes across the UAE has positively enabled family businesses to be better prepared for succession. However, it is estimated that only 20 percent of family businesses in the Middle East are managed by the third generation. Through our concentrated efforts around offering sound family governance and succession planning solutions, including our insightful Next Generation programs, Emirates NBD Private Banking endeavors to empower these enterprises, while helping them prepare and adopt strategies that will ensure business continuity and preserve their family values for the future.”
Launched in May 2023 under the umbrella of Dubai Chambers, the Dubai Centre for Family Businesses is the dedicated entity tasked with ensuring the sustainability and growth of family businesses in the emirate. The Centre plays a crucial role in developing this vital sector and enhancing its economic contribution in support of Dubai’s future development plans.
