Ministry of Economy honors first round of family business program
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The Ministry of Economy organized a ceremony to honor the first batch of the ‘Thabat’ family business program in Dubai.
The ceremony was attended by Abdullah bin Touq Al Marri, Minister of Economy; Abdul Aziz Al Ghurair, Chairman of Dubai Chambers and Chairman of the Family Business Council – Gulf; Hessa bint Essa Buhumaid, Director General of Dubai Community Development Authority; Abdullah Mohamed Al Mazrouei, President of the UAE Federation of Chambers and President of the Abu Dhabi Chamber of Commerce and Industry; Rashed Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED); Sheikh Sultan bin Saqr Al Nuaimi, second vice-president of the Ajman Chamber (ACCI); and Abdulaziz Al Nuaimi, Deputy Undersecretary of the Regulatory Sector for Commercial Affairs of the Ministry of Economy, as well as several officials.
In his speech, Bin Touq saying,
“Through visionary leadership, the UAE has placed great importance on enhancing the growth of family businesses as they contribute significantly to supporting the competitiveness and sustainability of the national economy. In this sense, the Ministry of Economy has been interested in building an integrated and advanced system for family businesses in the country in accordance with global best practices. The Ministry worked in collaboration with its partners locally and globally to provide all the necessary elements to ensure the continuity of family businesses over successive generations. Our joint efforts also allowed them to keep up with future business trends. The first comprehensive legislation was issued for the governance of family businesses, with the objective of creating an appropriate legislative environment for their growth in the country. In addition to that, the ‘Thabat’ program was launched to enhance the UAE’s regional leadership in welcoming and developing a competitive environment for family businesses in the new economy sectors.”
“The ‘Thabat’ program is a key incentive to enhance the capabilities of UAE family businesses, allowing them to transition into new economic sectors. It supports its expansion in foreign markets, especially since the two main projects created by the participating companies are based on health technology and modern digital solutions. These fields are among the pillars supporting the UAE’s new economic model based on flexibility and innovation. We hope to enhance cooperation with our partners to encourage more family businesses to join this program and benefit from its advantages and transformative potential. The second batch, ‘Thabat2.0’, is aimed at family businesses operating in many sectors of the new economy.”
he added.
Bin Touq congratulated the two best projects from the inaugural batch of the programme, namely, ‘Apterra’ developed by the Al Serkal family and ‘NutrialisAl Yusuf family digital platform project.
Al-Nuaimi underlined the Ministry’s new vision for 2023-2026, which includes expanding the scope of ‘Thabat‘ for the next batches over the next three years. As part of these changes, family businesses that complete the program will be offered financing opportunities to support their business growth. Two lots will be accommodated annually, with between 7 and 10 companies per lot. In addition, participation will also be open to foreign family businesses to develop projects and products with the aim of entering the UAE market by 2025, establishing the UAE as the hub of family businesses in the region.
In his opening speech, Henrike Luszick, founder and CEO of Bridgemaker, emphasized the critical role of corporate business creation in reigniting the entrepreneurial DNA of family businesses, equipping them with the necessary talent, an agile startup culture, an innovation-driven mindset and a proven methodology.
“Through our partnership with the UAE Ministry of Economy, we will provide a practical approach to business creation, combining legacy preservation with a vision for the future. “This initiative aims to empower the next generation of family businesses, ensuring sustainability and growth in a constantly evolving market landscape.”
she added.
Through its ‘Tabat‘program launched in August 2022, Ministry of Economy strives to preserve the economic and business legacy of UAE family businesses, ensure their continuity through successive generations, encourage them to venture into new economic activities and transform 200 family projects into fast-growing businesses over the next decade.
Family businesses account for 90 percent of the total number of private companies in the country and contribute 40 percent of the UAE’s GDP.
News source: Emirates News Agency
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