Emirates are fuelled by private and public organisations running their business for decades. There are certain family-run businesses that are operating for more than decades and face a lot of challenges. So to solve this dispute within this family-run business, Dubai Chambers has established a new centre. Let’s find out how the organisation will work.
Dubai Chambers Has Established Family Business Center
Under the directives of @HHShkMohd we inaugurated Dubai Centre for Family businesses today. The Centre aims to provide a conducive environment to grow family businesses, ensure its continuity and raise their economic contribution to Dubai’s economy. The centre will offer many… pic.twitter.com/rSDAdVTAdA
— Maktoum Bin Mohammed (@MaktoumMohammed) May 16, 2023
To assist them in overcoming obstacles like succession strategy and attaining sustainable growth, Dubai Chambers has established a special facility for family-owned firms. This will function as a vital component of the emirate’s private-sector economy.
This established centre seeks to create corporate compliance a key component of the growth and continuity strategy of family-owned private companies. This will allow the centre to assist all family businesses with services in the emirate, irrespective of their size or the amount of their turnover.
The UAE economy, which is the second largest in the Arab world, is heavily dependent on family-owned enterprises.
Over the last few decades, these businesses have expanded quickly in a variety of industries, from manufacturing and commerce to retail, hotel, and financial services. Family-owned businesses range in size from modest start-ups to massive holding organisations that operate in the banking, real estate, retail, and hospitality industries.
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Sheikh Maktoum bin Mohammed Inaugurated The Center
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has inaugurated today during a meeting held at our headquarters the Dubai Centre for Family Businesses, operating under the umbrella of Dubai Chambers. To read more: https://t.co/tSvbvAdTPg
@MaktoumMohammed @DubaiChambers pic.twitter.com/3kVlStnVq6— Dubai Chamber of Commerce (@DxbChamberComm) May 16, 2023
Sheikh Maktoum bin Mohammed gave the centre its official opening. Everyone in attendance was assured by the First Deputy Ruler of Dubai, the Deputy Prime Minister, and the Finance Minister that Dubai prioritises family businesses strategically.
According to a statement released by the Dubai Media Office, Family businesses constitute the foundation of the long-term growth process and an essential component of the future economy.
His words indicate that the vision for this centre and family-run business is soaring.
Private commercial institutions are a significant contributor to Dubai’s success story. This was instrumental in establishing and reshaping the emirate’s economy. The new centre intends to interact with the emirate’s next generation of family enterprises. This will prepare them to step up when necessary.
The newly established centre will offer family-owned firms advisory services for preparing for succession.
Cover Image Courtesy: Twitter/ Dubai Chambers
First Published: May 17, 2023 5:27 PM