Dubai Family Business Center Introduces Trio of Toolkits

27 Dec, 2023

Dubai Family Business Center Introduces Trio of Toolkits

The Dubai Centre for Family Businesses has curated three comprehensive toolkits designed to aid family enterprises in critical areas affecting their continuity, sustainability, and competitiveness. These toolkits concentrate on succession planning, establishing a family office, and enhancing productivity through streamlined family communication. They serve as valuable resources, offering guidance on governance and succession planning protocols.

Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, emphasized the pivotal role of family businesses in the economy and highlighted the center's dedication to supporting them. He stated that these toolkits are part of their ongoing efforts to equip family enterprises with practical guides, addressing common challenges and enabling their sustainability and successful generational transitions.

The toolkit on fostering productivity through streamlined family communication provides insights into the value of family meetings, agenda structures, and secretariat procedures. Additionally, the succession planning guide delves into optimal strategies for leadership transition processes. Meanwhile, the family office toolkit outlines the advantages, structural aspects, and establishment of a robust governance and operational model for family offices.

Family-owned businesses significantly contribute to the UAE's private sector, constituting about 90% of it. These entities play a vital role in Dubai's non-oil GDP and employ a substantial portion of the country's workforce. Many of Dubai's family businesses, established during the 1950s and 1960s, are aged between 55 to 70 years and are anticipated to undergo generational transitions within the next 5 to 10 years.

Launched by Dubai Chambers in May 2023, the Dubai Centre for Family Businesses aims to foster the growth and long-term sustainability of family enterprises in the emirate. Its mission includes bolstering this crucial sector to enhance its economic contributions, aligning with Dubai's future development plans.