Dubai's Family Businesses Embrace Expansion and AI Integration for Growth

23 Apr, 2024

Dubai's Family Businesses Embrace Expansion and AI Integration for Growth

The Dubai Centre for Family Businesses, a part of Dubai Chambers, recently conducted a comprehensive survey to delve into the perspectives and strategies of the upcoming generation of family business leaders in the emirate. Collaborating with global consultancy PwC, the 2024 survey gathered insights from 889 respondents across 63 countries, including Dubai.

Dubai's future family business leaders are keen on sector diversification and global market expansion, prioritizing these initiatives for the next two years. Their focus on embracing new technologies, particularly generative AI, stands out, with 87% expressing personal interest, surpassing the global average.

Despite a significant percentage (42%) being aware of succession plans within their family businesses, active involvement in preparation remains low. Challenges regarding the retirement readiness of the current generation also loom large, cited by 45% of respondents.

AI's perceived benefits span from operational efficiencies to enhanced customer experiences, fostering digital transformation and business growth. Importantly, respondents show a solid grasp of family values and governance, with a majority aspiring to leadership roles within their family enterprises in the near future, buoyed by optimism about their career trajectories and developmental opportunities.