Family-owned businesses remain powerful and influential organisations in the UAE in general and Dubai in specific contributing 60% of the country’s gross domestic product (GDP) and 80% of the total workforce, according to KPMG.
In this context, the new decree establishing the Family Business Centre in the emirate of Dubai underscores further the role of family-owned businesses in driving national economic growth and development, said Al Tamimi Investments (ATI), one of the UAE’s leading venture capital firms.
The company noted that the Centre will provide the much-needed business support by offering resources necessary for them to overcome unique challenges, compete and thrive in a competitive business environment, as well as expand regionally and globally in the long term.
Issued by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the decree gives the Centre a mandate to extend technical and administrative support to family-run organisations.
It also aims to help them have smooth succession plans to guarantee their growth and sustainability. The new decree was released on the heels of the implementation of the UAE Family Business Law in January 2023.
“The Centre marks another milestone for Dubai and the UAE’s continuously growing business landscape. Its establishment reflects how the government puts a high premium on the contributions of family-owned companies, in addition to recognising their role in the UAE’s bid to become one of the best nations in the world in the next 50 years and beyond,” said Dani Tabbara, COO, Al Tamimi Investments (ATI).
“We are confident that this latest development will open new immense opportunities for family businesses by providing key resources fundamental to their success. We look forward to finding ways to contribute to the Centre’s mission and goals.”-- TradeArabia News Service