– Dubai Department of Economy and Tourism and Dubai Centre for Family Businesses launch Dubai family business guidebook
Family businesses are indeed the backbone of Dubai’s economy. Sahia Ahmad, the CEO of Regulatory Policy and Governance at the Dubai Department of Economy and Tourism, emphasizes their importance in the context of the Dubai Economic Agenda, D33. This ambitious agenda aims to double the emirate’s economy by 2033, and family businesses play a central role in this vision.
In a bid to provide valuable resources to these vital enterprises, the Dubai Department of Economy and Tourism has collaborated with the Dubai Centre for Family Businesses, operating under Dubai Chambers, to release the comprehensive guidebook titled “Family Businesses in the Emirate of Dubai: A Guidebook.” This guide serves as a crucial resource for family businesses seeking to protect their wealth and ensure sustainability while navigating the current economic environment and planning for future growth.
The launch of this guidebook took place during the inaugural event of the Centre’s ‘Knowledge Series’ initiative. Hosted at the Dubai Chambers headquarters, the event was themed “Building a Lasting Legacy: The Future of Family Businesses in Dubai.” This gathering featured insightful panel discussions that aimed to explore strategies for preserving family business legacies while enhancing their capacities for innovation in a rapidly changing market.
Central to the guidebook are key insights into the UAE Family Business Law, including registration mechanisms and requirements tailored specifically for family enterprises in Dubai. The guide thoroughly outlines various structural options available to family businesses and provides essential information on corporate governance, the establishment of family offices, wealth planning, leadership succession strategies, real estate ownership complications, and tax considerations.
Notably, the guidebook also delves into conflict management and resolution, government initiatives aimed at supporting family businesses, and the role of philanthropy, emphasizing its significance for family enterprises. With an increasing focus on digital transformation, the guide outlines procedures for adapting to technological advancements while registering family businesses in Dubai.
Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, emphasized the crucial role family businesses play in driving economic growth and sector development. He remarked that the guidebook reflects the Centre’s commitment to effective governance, encouraging optimal administrative and legal frameworks that contribute to enhanced performance and sustainable growth across generations.
Established in May 2023 under Dubai Chambers, the Dubai Centre for Family Businesses aims to bolster the sustainability and growth of family enterprises. It is instrumental in advancing this vital sector, enhancing its economic contribution in line with Dubai’s evolving development plans.
For those interested, the guidebook is available online and can be accessed through the following link:
Family Businesses in the Emirate of Dubai: A Guidebook.
