The Dubai Centre for Family Businesses has introduced three toolkits to aid family enterprises in vital areas affecting company continuity, sustainability, and competitiveness. The toolkits—Succession Planning for Family Businesses, Family Office, and Fostering Productivity through Streamlined Family Communication—serve as resources covering governance and succession planning protocols for families.
The toolkit, Fostering Productivity through Streamlined Family Communication, offers guidance on the significance of family meetings, standard agenda items, and secretariat procedures. The Succession Planning for Family Businesses guide details optimal strategies for leadership transition processes. Additionally, the Family Office toolkit outlines the advantages and structure of a family office and provides insights on establishing a robust governance and operational model.
“The three toolkits developed is a continuation of our efforts in providing useful and practical guides on key topics for family enterprises,” said Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. “The sustainability of family businesses is important, and we are committed to empowering them with the support they need to achieve continuity and successful transition between generations.”
Family-owned businesses constitute about 90% of the UAE’s private sector, significantly contributing to Dubai’s non-oil GDP and employing a substantial part of the nation’s workforce. Many of these Dubai-based family businesses, established in the 1950s and 1960s, are between 55 and 70 years old, with an expected generational transition in the next 5-10 years.
Launched within Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is dedicated to fostering the growth and long-term sustainability of family businesses in Dubai. The centre aims to develop this essential sector further and enhance its economic contributions, aligning with the emirate’s future development plans.
