Key Points

The initiative aims to strengthen the governance of family-owned enterprises operating in Dubai, enhancing their future readiness and enabling them to navigate the evolving economic landscape, overcome challenges, and capitalise on promising opportunities.

The new services reflect the Dubai Centre for Family Businesses' ongoing commitment to enhancing the economic contribution of family businesses in support of Dubai's future development plans. The centre aims to strengthen the competitiveness of this vital sector by safeguarding its interests, streamlining operations, and investing in leadership development to ensure long-term sustainability.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, "Family businesses remain a vital engine of growth, diversification, and innovation within Dubai's economy. Ensuring their continued success is essential to enhancing the emirate's competitiveness and driving sustainable long-term growth."

He added that the centre is committed to empowering these companies to navigate economic developments and embrace global best practices, which contributes towards strengthening the local private sector and reinforcing Dubai's position as a global hub for trade and investment.

The first new service is the Current-State Assessment & Family Constitution Review, which offers an in-depth evaluation of a family business's current governance framework. This includes a thorough review of existing Family Constitutions, leveraging the centre's automated Family Business Governance Assessment Tool to evaluate the maturity of their governance processes against regulatory requirements, leading industry practices, and global standards.

This service assesses governance frameworks, identifies gaps and risks, encourages alignment among stakeholders, and provides tailored recommendations for enhanced governance and long-term growth.

The second service, Family Constitution Drafting, provides a strategic roadmap for family businesses, outlining policies, governance structures, and decision-making processes crucial for long-term sustainability. The centre will assist in drafting these vital documents, drawing insights from interviews with family members and key stakeholders.

Through facilitated workshops and discussions, the service ensures alignment and buy-in from all family members, designing a document that captures their collective vision and values, alongside clear nomination, eligibility criteria, and decision-making processes relevant to the organisation's governing bodies. This service defines roles and responsibilities, formalises shared vision and values, fosters open dialogue, and establishes clear rules to prevent future conflicts.

The third new service is the Family Office Blueprint service, which guides families in establishing a private platform dedicated to managing their wealth, investments, and personal affairs. The centre facilitates workshops designed to enhance understanding of Family Offices, supporting families in defining their specific objectives, the range of services it will provide, and the necessary staffing requirements.

This service clarifies the purpose, scope, and strategic goals of a Family Office, explores the full range of services for wealth management and legacy planning, and identifies the key skills and roles required for an effective Family Office structure. (ANI/WAM)

- ANI