Dubai Center for Family Businesses launches new upskilling program to empower the next generation of family business managers

He Dubai Center for Family Businessesthat operates under the umbrella of Dubai Chambershas launched a new upskilling initiative to assist in the development of the next generation of managers within family businesses.

Developed in cooperation with PwC Middle East, the world-class program aims to equip family business members with the knowledge, skills and mindset needed to drive sustainable success and began with 26 participants.

Commenting on the launch of the program, Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chambershe claimed,

“Succession planning and governance are among the top concerns of any family business. The initiatives launched by the Dubai Center for Family Businesses aim to directly support a smooth generational transition. Our goal is to develop the management skills of family business partners, as well as founders, members and their children.”

He added,

“We are pleased to launch this program, which aims to train young members of family businesses to ensure the long-term sustainability of their businesses. “The initiative supports some of the centre’s key priorities by contributing to smooth management transitions, preserving family legacy and strengthening governance.”

The new upskilling program will enable participants to learn about the human, technical and digital skills needed to create sustained value for their family businesses. The program will delve into business challenges, hone practical leadership skills, and train the next generation to lead their family business successfully in the new world.

The program consists of four modules taught over the course of eight days on critical topics including governance, board leadership, entrepreneurship, strategic decision making and communication skills.

Highlighting global best practices contextualized for region and specific businesses, the program is designed to enable the next generation of managers to effectively balance the needs of family, business and ownership. Participants will also develop a detailed understanding of governance systems, as well as the importance of investing in their personal and professional growth to support the sustainable success of their businesses.

Family businesses form the backbone of the UAE economy, accounting for around 90% of all private sector businesses. The new initiative creates a valuable opportunity for family businesses to train their future managers and honor their legacy.

Launched in partnership with PwC Middle East, the program enables participants to access world-class theory and global best practice for an exceptional learning experience. PwC experts have extensive experience advising family business leaders in the GCC and around the world on a range of factors that are unique to family businesses.

News source: Emirates News Agency