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According to KPMG, family businesses remain powerful and influential organizations throughout the UAE and Dubai, contributing specifically 60% of the country’s gross domestic product (GDP) and 80% of its workforce.
In this context, the new decree establishing a family business center in the emirate of Dubai further emphasizes the role of family businesses in driving the growth and development of the national economy, said Al Tamimi Investments (ATI), one of the UAE’s leading venture capital firms.
The company noted that the center will provide much-needed business support, providing them with the necessary resources to overcome their unique challenges, compete and grow in a highly competitive business environment, and expand regionally and globally over the long-term.
a task
The decree, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, authorizes the Center to provide technical and administrative support to family businesses.
It also aims to help them develop a smooth succession plan to guarantee their growth and sustainability. The new decree follows the implementation of the UAE Family Business Law in January 2023.
“The center marks another milestone in the evolving business landscape in Dubai and the UAE. Its inauguration reflects how the government places a high value on the contribution of family businesses, in addition to recognizing their ambition in the UAE to become the world The role played in the process of being one of the good countries,” said Dani Tabbara, chief operating officer of Al Tamimi Investments (ATI).
“We believe this latest development will open up great new opportunities for family businesses by providing them with a key resource for success. We look forward to finding ways to contribute to the mission and goals of the Center.” — trade arab news agency
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