Dubai Chambers, in collaboration with the Ministry of Economy and Tourism along with the Indian Business and Professional Council, organized a dedicated forum aimed at fortifying family businesses and guaranteeing their enduring success.
The gathering united representatives from the Indian family business sector in Dubai to deliberate on improved governance, succession planning, and the integration of international best practices.
Esteemed attendees included Abdulla bin Touq Al Marri and Mohammad Ali Rashed Lootah, who underscored the significance of the Federal Decree Law No. (37) of 2022 pertaining to Family Businesses.
This legislation seeks to enhance legal adaptability for family enterprises, fostering their growth, scalability, and responsiveness to evolving economic climates. It also emphasizes long-lasting business continuity through generations.
Abdulla bin Touq Al Marri noted that family businesses significantly drive the UAE’s economy, accounting for approximately 60% of the nation's GDP, employing 80% of its workforce, and representing nearly 90% of private enterprises. He added that the UAE has established a robust legal framework to empower these businesses, with the Family Business Law being a pivotal element.
He further introduced the Unified Family Business Registry, a national initiative that enables businesses to register, procure certificates, and file family charters, thereby ensuring effective management and operational longevity.
Business owners were encouraged to participate in the registry and take advantage of the conducive business landscape that the UAE offers, encompassing over 2,000 economic ventures.
Mohammad Ali Rashed Lootah remarked on the strong legacy of trust and experience that characterizes family businesses in Dubai. He mentioned that Dubai Chambers is dedicated to assisting these enterprises in adopting contemporary governance frameworks and gearing up for future advancements.
With 87 participants in attendance, the forum concentrated on enhancing governance frameworks, strategizing leadership transitions, and increasing operational effectiveness. The discussions also pointed to the necessity for innovation to improve competitiveness in both domestic and global arenas.
Additionally, the Dubai Centre for Family Businesses is set to roll out three advisory services in 2025, which will involve evaluating current business scenarios, drafting family charters, and planning family offices.
The centre has also unveiled its premiere directory of family business consultants in Dubai, facilitating connections between companies and reliable professionals across vital business sectors.
This forum showcased Dubai’s continual commitment to nurturing family businesses and augmenting their contribution to economic progress and international competitiveness.
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