Ensuring growth, sustainability of family businesses top priority

In line with the directives of His Highness 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,  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.

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 Bin Rashid 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.

The meeting was attended by Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers; Essa Kazim, Governor of Dubai International Financial Centre; Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers; and Arif Amiri, Chief Executive Officer of Dubai International Financial Centre, and members of the Board of Directors of Dubai Chambers.

Al Ghurair, said, “The inauguration of the Dubai Centre for Family Businesses is a progressive step to achieve the vision of the leadership to establish a robust support system for family businesses that unifies efforts to strengthen their development and enables them to face the challenges of the business environment. This, in turn, provides flexibility, which helps ensure the continuity of these companies and enhances their valuable contributions to the national economy.”

WAM