Dubai supports family businesses, which constitute around 90% of private companies and serve as major employers for over 70% of the private sector workforce.
- A roadmap is in place to attract family businesses and ultra-high-net-worth individuals (UHNWIs) from across the world, contributing to economic growth.
- Family businesses play a crucial role in various sectors, fostering Dubai’s economic diversification.
- The Dubai Economic Agenda D33 sets ambitious economic objectives, creating promising prospects for family businesses in the emirate.
- The rapid growth of financial wealth in the UAE is expected to drive expansion in the family business sector.
- Initiatives address challenges such as digitization, governance, succession planning, and cultural issues, fostering sustained prosperity.
- Dubai Chambers launched the Dubai Centre for Family Businesses, offering educational programs and governance guidelines for smooth succession and business continuity.
- The Centre’s initiatives include leadership training, governance standards enhancement, and raising global competitiveness.
- Dubai International Financial Centre (DIFC) launched the DIFC Family Wealth Centre, the first of its kind, providing support services to unite and enhance family-owned businesses and UHNWIs globally.