Dubai, UAE — Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s private sector, by the Dubai Centre for Family Businesses.
The toolkits – Succession Planning for Family Businesses, Family Office and Fostering Productivity through Streamlined Family Communication– focus on key areas impacting the continuity, sustainability and competitiveness of companies and provide a reference point for families on topics related to governance and succession planning protocols.
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 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 the growth and long-term sustainability of family businesses in Dubai. The center aims to further develop this vital sector and enhance its economic contribution to support the emirate’s future development plans.
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.”
