The Dubai Center for Family Businesses has developed three toolkits for family businesses.
Focusing on key areas that affect business continuity, sustainability and competitiveness, the four toolkits (Succession Planning for Family Businesses, Family Office and Fostering Productivity through Simplified Family Communication) provide a point of reference. reference for families on topics related to governance and succession planning protocols.
Commenting on the importance of toolkits, Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chambers, saying,
“The three toolkits developed are a continuation of our efforts to provide useful and practical guides on key topics for family businesses. We are committed to providing you with all means of support. The sustainability of family businesses is important and we are committed to empowering them with the support they need to achieve continuity and successful transition between generations.”
The Promoting Productivity through Simplified Family Communication toolkit provides guidance on several areas, including the value of family meetings, standing agenda items, and secretarial procedures. The Succession Planning Guide for Family Businesses details the best strategies for leadership transition processes. The Family Office Toolkit highlights the benefits and structure of a family office, and how to establish a strong family office operating and governance model.
Family businesses make up approximately 90% of the UAE’s private sector. Family businesses play a critical role, contributing significantly to Dubai’s non-oil GDP and employing a substantial proportion of the country’s workforce. A large number of family businesses based in Dubai are between 55 and 70 years old and were established during the 1950s and 1960s. The majority of these companies are expected to undergo a generational transition in the next 5 to 10 years.
Launched under the umbrella of Dubai Chambers In May 2023, the Dubai Center for Family Businesses has been entrusted with the task of ensuring the long-term growth and sustainability of family businesses in Dubai. The center aims to further develop this vital sector and enhance its economic contribution to support the emirate’s future development plans.
News source: Emirates News Agency