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Dubai International Financial Centre (DIFC), a leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has launched the world’s first global centre for family businesses and private wealth.
DIFC is the first financial center in the world to create a unique product, with an estimated AED3.67 trillion ($1 trillion) in assets transferred over the next decade to the next generation in the Middle East.
The initiative is in line with the UAE government’s commitment to support family businesses, which continue to play an important role in accelerating the country’s economic growth. It is estimated that only 20% of family businesses in the Middle East are managed by the third generation.
It is critical to educate those facing challenges related to governance, succession, ownership, wealth, family dynamics and strategies to ensure a solid family business and long-term success. The initiative is in line with DIFC’s 2030 strategic goals, which will double the size of DIFC and its economic contribution to Dubai’s GDP. The strategy also supports continued economic growth and further positions Dubai as a global hub for leading financial institutions and businesses.
The center will bring together global family businesses, ultra-high net worth individuals (UHNWIs) and private wealth in one hub to help preserve and grow the industry, as well as provide a full range of support services for robust estate and succession planning. The hub It is also expected to attract family businesses and ultra-high net worth individuals from the region and the world to set up their businesses in Dubai.
The Centre operates independently and its broad remit includes providing advisory and concierge services; education and training; outreach and high-end networking; conducting research and publishing publications and providing dispute resolution assistance. In addition, accreditation will be awarded to businesses and consultants according to DIFC’s stringent standards. This will provide confidence to family businesses and wealthy individuals who need to make strategic decisions using the expertise of a range of partners.
Members will also benefit from being part of the region’s largest financial ecosystem, DIFC’s common law framework, legal and regulatory infrastructure, and a flexible range of business structures.
DIFC President Essa Kazim said: “In line with the UAE Government’s commitment to helping family businesses play an important role in our society, DIFC is delighted to launch the world’s first family business and private wealth centre. The UAE is home to a large number of family businesses , owned by citizens and residents who contribute to the country’s economy. These families and others in the Middle East are expected to transfer AED 3.67 trillion to the next generation over the next decade, demonstrating the urgent need for professional and comprehensive support for them to help them grow.”
Dr Tarek Hajjiri, appointed CEO of the Global Center for Family Business and Private Wealth, added: “The launch of the Global Center for Family Business and Private Wealth is another important milestone in the development of DIFC’s wealth and asset management sector. Furthermore, it embodies DIFC Long-term commitment to providing quality private wealth management services comparable to global standards. The new center will play a unique role in guiding family business governance, succession, ownership, wealth, family dynamics and strategy. Our role is essential to ensuring the long-term growth of family businesses vital.”
The Global Centre for Family Business and Private Wealth has been approved by the DIFC Authority Board of Directors and will be launched on 1 September 2022. – arab trade news agency
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