Dubai Centre for Family Businesses launched to foster the development of the family business sector and enhance its economic contribution…reports Asian Lite News
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has inaugurated the Dubai Centre for Family Businesses.
This is in line with the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to develop an integrated system to support the growth of family businesses.
Operating under the umbrella of Dubai Chambers, the Centre will work to foster the development of the family business sector and enhance its economic contribution, which, in turn, will support the emirate’s strategic future plans.
The new entity will also launch initiatives to enhance the sustainability and growth prospects of family businesses in Dubai.
The inauguration of the Centre is part of a comprehensive plan approved by Sheikh Mohammed at the Dubai Council’s fifth meeting in May 2022 to enhance systems and processes that ensure the sustainability of family businesses over the next 100 years.
Maktoum bin Mohammed said, “Ensuring the growth and sustainability of family businesses is a strategic priority and a core part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Family businesses represent a key pillar of the sustainable development process and a cornerstone of the future economy.”
“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,” he further said.
He underlined the historical role family businesses have played in shaping Dubai’s unique economic model, noting that they will play a major role in realising the goals of the Dubai Economic Agenda D33, which aims to increase private sector investment in development projects to AED1 trillion by 2033.
Sheikh Maktoum bin Mohammed added, “The family business sector reflects our vision for excellence and our commitment to pursue new opportunities to achieve success. Ensuring a smooth leadership transition, preserving the family legacy, and strengthening governance are key priorities in our plans to preserve the fabric of our family businesses and prepare them for the future.”
“Our vision is ambitious,” Maktoum bin Mohammed further noted. “Family businesses are important partners in our economic growth. Their role is vital, their contribution is essential, and their sustainability and continuity are a priority. We are committed to implementing the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum to provide an empowering environment that protects family businesses and helps them develop strategies to keep pace with the rapid changes taking place in the world of business. These efforts will help consolidate Dubai’s exceptional model for supporting the growth and sustainability of family businesses.” The inauguration of the Dubai Centre for Family Businesses was announced during a meeting held at the Dubai Chambers headquarters.
Details of the programmes to be run by the Dubai Centre for Family Businesses were revealed during the meeting. These include the Dubai Family Businesses Leadership Programme, which was developed in partnership with the Mohammed bin Rashid Centre for Leadership Development to prepare a new generation of family business leaders and enhance their global presence; the Next Generation Training Programme, which aims to educate active and non-active family members about their future roles in family businesses; the Governance Series, a set of awareness sessions focused on topics including UAE laws and family business governance; and the Advisors’ Certification Programme, which aims to develop a pool of world-class certified and accredited advisors for family businesses.
Established by Decree No. (45) of 2022, the Dubai Centre for Family Businesses plays a crucial role in developing an integrated strategy to support and grow family businesses in the emirate. It offers a range of services to enhance the sustainability and ownership of family businesses, including providing policy suggestions, incentives, and templates for family business-related documents.
The Centre focuses on developing managerial skills and facilitating smooth leadership transitions for partners, founders, members, and their children. It also aims to familiarize owners with government services and applicable legislation, encouraging the adoption of sound governance systems.
Through its collaboration with Dubai Chambers, the Centre coordinates with various organizational units to facilitate commercial operations for mutual benefit. Additionally, the Centre conducts research, prepares reports, and organizes events, exhibitions, and conferences related to family businesses and ownership.
The Centre’s programs include the Dubai Family Businesses Leadership Programme, developed in partnership with the Mohammed bin Rashid Centre for Leadership Development. This program targets first and second-tier leaders, as well as strategic partners, to enhance corporate governance, sustainability systems, and global trade strategies. It also promotes a culture of social responsibility in family businesses.
Another program, the Next Generation Training Programme, focuses on educating the next generation of family members about their future roles and developing their skills and capabilities.
According to 2021 statistics, family businesses represent around 90 percent of all private companies in the UAE. Emirati family businesses have achieved significant leadership and competitiveness regionally, accounting for 25 percent of the Forbes Middle East list of the 100 most powerful Arab family companies in 2021.