Graduation of the Second Cohort of the Dubai Family Business Management Programme
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, recently attended the graduation ceremony for the second cohort of the Dubai Family Business Management Programme. This significant event marked not only the celebration of a new generation of business leaders but also highlighted the ongoing commitment to empowering family enterprises in the region.
A Vision for the Future
Launched in October 2023 by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, the programme is organized by the Dubai Centre for Family Businesses in collaboration with the Mohammed bin Rashid Center for Leadership Development (MBRCLD). This initiative is designed to ensure the continuity and smooth transition of ownership and management within family businesses. The programme focuses on developing effective management skills and enhancing governance practices, which are essential for navigating today’s complex business landscape.
Event Highlights: Mohammed bin Rashid Leadership Forum
The graduation took place during the esteemed Mohammed bin Rashid Leadership Forum, held at the Dubai World Trade Centre. This annual gathering attracts prominently placed government and private sector leaders, with over 1,000 participants focusing on the future of administrative and leadership transformation. By embedding best practices and advancing Dubai’s vision of becoming the best city in the world, the forum represents a confluence of talent, aspiration, and innovation.
The Role of Family Businesses in Dubai’s Economy
Family businesses are an essential pillar of Dubai’s economy, comprising approximately 90% of all private companies in the UAE. These enterprises are not just significant players in various sectors; they also contribute around 40% to the nation’s GDP and employ more than 70% of the private-sector workforce. Recognizing their importance, Sheikh Hamdan emphasized that the continuity and growth of family businesses are crucial drivers for comprehensive development across the emirate.
Empowering Future Leaders
Underlining the significance of empowering the next generation, Sheikh Hamdan remarked on the accumulated knowledge and legacy within family businesses. By preparing emerging leaders, the programme ensures that this wealth of experience is not only passed down but also built upon. This focus on leadership development aligns with Dubai’s broader economic goals, aiming to maximize potential across all sectors and foster innovation.
Training and Development
The second cohort of the programme provided targeted training for second-tier leaders in family businesses. The courses were conducted by faculty from the prestigious International Institute for Management Development (IMD), blending virtual sessions with personalized mentorship. This tailored approach equips participants with the knowledge and skills necessary for effective generational transitions within their enterprises.
Focus on Dubai’s Economic Trends
The curriculum also covered vital economic trends and priorities relevant to Dubai, particularly emphasizing the Dubai Economic Agenda D33. By encouraging public–private partnerships, the programme draws upon success stories to foster collaboration between family businesses and government entities. This approach not only enhances community partnerships but also enables participants to engage actively with local economic projects.
Building Effective Leadership Frameworks
To ensure the sustainability of family businesses, the programme emphasizes building effective leadership frameworks. Participants gained insights into advanced global leadership curricula designed to enhance governance practices, improve performance, and solidify Dubai’s reputation as a global business hub. Moreover, the programme encourages participants to explore strategies for building trust and credibility within the business community and among family shareholders.
Practical Application and Networking Opportunities
A unique aspect of the programme is its emphasis on applying knowledge through hands-on development projects tailored to participants’ family businesses. By interfacing with peers from family businesses worldwide and participating in mentorship sessions, graduates can implement frameworks and concepts in real-world scenarios, thus fostering a spirit of collaboration and innovation.
Leadership Skills for Family Businesses
The programme offered a range of opportunities for participants to hone essential leadership skills vital for family business management. This included articulating a strategic vision, utilizing storytelling techniques to inspire, and understanding the importance of emotional intelligence in fostering effective leadership. By addressing the specific challenges unique to family businesses, the curriculum helps participants leverage their strategic advantages, ensuring their enterprises thrive in an evolving economic landscape.
Conclusion of the Journey
While the graduation ceremony symbolizes an end, it also marks the beginning of a new journey for these leaders. With a commitment to continuous learning and the ambition to carry forward the legacy of their family businesses, the graduates are poised to contribute meaningfully to Dubai’s economic development and beyond.
