DUBAI: Dubai Centre for Family Businesses has developed three toolkits for family enterprises. Focusing on key areas impacting the continuity, sustainability and competitiveness of companies, the four toolkits – Succession Planning for Family Businesses, Family Office and Fostering Productivity through Streamlined Family Communication – provide a reference point for families on topics related to governance and succession planning protocols.
Commenting on the importance of the toolkits, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, ‘The three toolkits developed is a continuation of our efforts in providing useful and practical guides on key topics for family enterprises. We are committed to providing all means of support to them. 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.’
The Fostering Productivity through Streamlined Family Communication
toolkit provides guidance on various areas including the value of family meetings, standing agenda items and secretariat procedures. The Succession Planning for Family Businesses guide elaborates on best strategies for leadership transition processes. The Family Office toolkit highlights the benefits and structure of a family office, and how to establish a robust governance and operational model for the family office.
Family-owned businesses make up approximately 90% of the UAE’s private sector. Family businesses play a critical role contributing significantly to Dubai’s non-oil GDP and employing a substantial proportion of the country’s workforce. A large number of Dubai-based family businesses range between 55-70 years old, having been established during the 1950s and 1960s. The majority of these businesses are expected to undergo a generational transition in the next 5-10 years.
Launched under the umbrella of Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring th
e growth and long-term sustainability of family businesses in Dubai. The centre aims to further develop this vital sector and enhance its economic contribution to support the emirate’s future development plans.
Source: Emirates News Agency