Dubai Centre for Family Businesses joins forces with DIFC Family Wealth Centre

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Centre (DIFC), attended the signing of a Memorandum of Understanding (MoU) between the Dubai Chambers’ Dubai Centre for Family Businesses and the DIFC Family Wealth Centre.

The MoU agreement, which seeks to provide support to family businesses and strengthen their global presence, was signed by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Arif Amiri, CEO of DIFC Authority.The signing ceremony was also attended by Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, and Essa Kazim, Governor of Dubai International Financial Centre. As part of the agreement, the Dubai Centre for Family Businesses will join forces with the DIFC Family Wealth Centre in areas of training and education, as well as joint events and promotions.

The MoU outlines the collaboration between the two entities in defining methods of cooperation with relevant federal and local authorities. Their joint effort aims to develop strategic recommendations that promote the implementation of family business governance standards in accordance with the highest ratings defined by the Family Wealth Centre, ranging from AA to AAA*.

This move aims to inspire family businesses to establish a global presence by adopting world-class standards, encompassing environmental, social, and governance (ESG) standards, Sharia-compliant standards, and other practices that have a positive impact on communities and contribute to sustainable development.Other areas of cooperation between the DIFC Family Wealth Centre and the Dubai Centre for Family Businesses include access to the Family Office Club to boost global and commercial communications, recommending business structures and models adopted by DIFC for succession planning, as well as adopting certification and accreditation programmes for family business advisors.

As part of this collaboration, Dubai Chambers has adopted DIFC’s regulations and structures governing family businesses, succession planning and advisor accreditation and certification. It has also adopted DIFC’s family business rating system which meets best international practices.The Dubai Centre for Family Businesses, which falls under the umbrella of Dubai Chambers, was established under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The Centre, inaugurated recently by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, provides an integrated system of consultation and training programmes focusing on strategic areas of interest to family businesses, including adopting good governance, succession planning and next generation training and development.

 Its establishment reflects Dubai Chambers’ commitment to boosting the competitiveness of family businesses by protecting their interests, regulating their activities, and investing in their leaders to ensure a sustainable future.The DIFC Family Wealth Centre operates in line with the UAE’s efforts to enhance the contribution of family businesses towards the national economy, as it plays a key role in supporting the growth and prosperity of family businesses.

The Centre acts as an end-to-end platform that enables family businesses to preserve their legacy and protect its continuity generation after generation. It grants compliance accreditation in areas of ESG practices and corporate governance among others.

It also provides access to a trusted network of certified family businesses experts, including advisors and consultants specialising in succession planning, legal affairs and international taxation, sustainability and ESG, learning and leadership and dispute resolution.

Meanwhile, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has led a UAE delegation of leading trade and finance officials to Bosnia-Herzegovina to identify strategic opportunities for UAE businesses in the region and establish stronger greater trade and investment links with this increasingly important economic region.

Al Zeyoudi held a series of bilateral meetings with ministers and senior government officials from Bosnia-Herzegovina to identify areas of potential collaboration between the two nations. This included a meeting with Her Excellency Borjana Kristo, Chairwoman of the Council of Ministers, in which they discussed the latest developments in efforts to combat climate change globally, and with Stasa Kosarac, Minister of Foreign Trade and Economic Relations explore potential bilateral trade opportunities.

Al Zeyoudi also witnessed a presentation from Elmedin Konakovic, Minister of Foreign Affairs of Bosnia and Herzegovina, in which he showcased leading projects in the country’s high-growth industries such as agriculture, healthcare, metals, oils and construction.

Initial meetings were followed by discussions with representatives from the Foreign Investment Promotion Agency of Bosnia and Herzegovina (FIPA), to advance the UAE’s direct investment in the nation, and with Vjekoslav Vukoslav and Ahmet Egrlic, vice-presidents of the Foreign Trade Chamber of Bosnia and Herzegovina, wher Al Zeyoudi highlighted the UAE’s role as a leading logistics hub that can support the country’s agriculture, manufacturing and automotive parts exports.

On May 17, HE Dr Thani opened the 12th Sarajevo Business Forum, addressing business leaders, entrepreneurs and investors in one of the most important investment events in south-eastern Europe. The annual event, organized by Bosna Bank International (BBI), showcases more than 200 investment projects across emerging fields such as energy efficiency, electromobility, energy storage, technology and communications.

WAM