You must have heard this news already and as you might know, the initiative comes as part of the centre’s efforts to enhance the sustainability, continuity and competitiveness of family business. And considering these factors, one can say without doubt that the initiative taken is of high importance and value. The collaborative workshops will surely focus on building and implementing effective strategic frameworks for the governance of family businesses. And the sessions will also introduce the services provided by the centre and the support it provides to elevate the institutional capabilities of family business.

What is it all about?

The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has now announced details of a new collaboration with some of Dubai’s leading family businesses to host educational workshops as part of the centre’s governance series. The interactive sessions actually aim to boost the sustainability, continuity and competitiveness of family businesses and strengthen communication and engagement between businesses. And it is very important to note that the importance of communication between the businesses has a role that is unavoidable for the success of any business entity. Therefore this initiative is to be appreciated for the very fact that it is leading to a higher profit and vision.

THE ROLE PLAYED:

Dubai Centre for Family Businesses was established in may 2023. Although it has been established very recently, it has launched several impactful initiatives to strengthen the family business ecosystem in Dhubai. These will include the publication of a comprehensive set of Governance Guidelines, the launch of the Dubai Family Business Management Program to empower future leaders, and a dedicated programme to develop the skills of the next generation of family business managers.

A Detailed Explanation

Family businesses are of great importance. And off course they are very much essential components of the business community. Family businesses has served as the backbone of the UAE economy ever since the establishment of this great nation. As per the reports given by the UAE Ministry of Economy, up to 90% of the private companies in the UAE are family businesses. And they are employing more than 70% of the sector’s workforce and contributing about 40% to the Emirate’s GDP.

Why is Family Business Important?

Family businesses are of great importance as far as the UAE is  concerned. And particularly Dubai is the centre for family businesses in the country. The Emirate is instrumental in working for the growth of family businesses. It is also very important to help them navigate a quickly evolving global economy.

What is making ‘Dubai’ the ideal place for family business?

Well, Dubai’s geographical location, business friendly environment, modern infrastructure and economic strengths and so on make it an ideal global base for family businesses. The scope for family businesses in Dubai is exceptionally promising. The most significant contributions of family business to the Emirate’s economy underlines their important and unavoidable role as an organ for economic growth.

In the Future:

Therefore it is very well clear that the family businesses have contributed greatly to the Emirate’s economy. This impact will further enhanced through legislation designed to develop a favourable business ecosystem, together with specialized training aimed at helping family businesses to overcome their challenges and also to ensure a smooth transition of leadership between generations.

CONCLUSION:

As we have entered into the conclusion of our important article on Dubai Centre for Family Business and their collaboration with leading enterprises, it is very much evident that the family business is of utmost importance as far as the Dhubai economy is concerned and thus the new initiative taken by them is of great use to the Emirate and the nation in general.

If you have any further clarifications regarding this, please feel free to reach out to us in FIMKIN.