With a rich historical legacy, family businesses have greatly influenced Dubai’s distinctive economic model. Recognizing their continued importance, these businesses are poised to play a vital role in achieving the ambitious goals set forth in the Dubai Economic Agenda D33. This comprehensive agenda aims to elevate private sector investments in development projects to an impressive AED1 trillion by 2033, highlighting the integral contribution that family businesses will make towards its realization.
The Dubai Centre for Family Businesses was established on May 16 in accordance with the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The center’s aim is to create a comprehensive framework that can aid the expansion of family businesses in Dubai.
Under the auspices of Dubai Chambers, the newly established Centre strives to promote the advancement of the family business sector and enhance its economic impact, thereby strengthening the emirate’s long-term strategic objectives. Additionally, the Centre will introduce initiatives aimed at fortifying the sustainability and expansion prospects of family businesses in Dubai.
The inauguration of the Centre is part of a comprehensive plan approved by HH Sheikh Mohammed bin Rashid at the Dubai Council’s fifth meeting in May 2022. This plan aims to enhance systems and processes that ensure the sustainability of family businesses over the next 100 years.
“The inauguration of the Dubai Centre for Family Businesses aims to strengthen the economic system that the emirate provides to support family businesses, develop the business community, establish confidence in the business environment, and enhance the sector’s ability to keep pace with global developments to ensure sustainable economic growth,” said His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, at the inauguration.
Comprehensive support system
His Excellency Abdul-Aziz Al Ghurair, Chairman of Dubai Chambers, said: “With an innovative vision and operational procedures, the Centre provides best-in-class services to all categories of family businesses including large companies and small and medium-sized enterprises (SMEs), with support offered to the founders, the next generations, and senior executives.”
Al Ghurair highlighted the Centre’s commitment to providing comprehensive support and training programs, with a particular focus on strategic priorities such as intergenerational knowledge transfer, governance, and enhancing the competitiveness and protection of interests for family businesses. Dubai Chambers is dedicated to improving operational efficiency and fostering leadership investment to ensure a sustainable future for these businesses. Al Ghurair also emphasized the importance of collaboration with strategic partners to ensure the success of upcoming initiatives.
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Visionary approach
Established by Decree No. (45) of 2022, the Dubai Centre for Family Businesses operates with an innovative approach, focusing on enhancing the managerial expertise of family business partners, founders, members, and successors. Its primary objective is to facilitate a seamless transition of leadership and management within family businesses. The Centre aims to achieve this by providing comprehensive knowledge about available government services, relevant legislation, and promoting the adoption of robust governance systems to ensure long-term sustainability and family ownership.
Furthermore, the Centre offers invaluable guidance on initiating family businesses, develops templates for essential family business documents, and proposes effective solutions to challenges encountered with government and private entities. In addition to its advisory role, the Centre actively participates in organizing and participating in events, exhibitions, and conferences that revolve around family businesses and ownership, thus furthering the objectives set by Dubai Chambers.
Empowering education, growth & networking
The Centre’s programs encompass a series of educational sessions focused on UAE laws and top governance practices, playing a crucial role in succession planning within family businesses.
These sessions aim to achieve the following objectives:
- Increase awareness regarding the significance of establishing robust governance systems and understanding the requirements for implementing effective governance.
- Promote awareness of the services offered by the Dubai Centre for Family Businesses, emphasizing the support available to family companies.
- Facilitate interaction among family business owners, fostering networking opportunities and the exchange of knowledge.
- Facilitate the sharing of global best practices through meetings with leading family companies.
Additionally, the Centre will establish a collaborative program in partnership with renowned global institutions. This initiative aims to create a certification and accreditation framework for family business advisors. By equipping advisors with the necessary qualifications, they become part of a designated pool of experts that families can choose from. This ensures access to world-class certified and accredited advisors for Dubai’s family businesses, enhancing the quality of advisory services available to them.
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