Abu Dhabi To Launch Region's First Family Business Index With UAEU

The Abu Dhabi Department of Economic Development (ADDED) and the United Arab Emirates University (UAEU) have signed a Memorandum of Understanding to launch the Abu Dhabi Family Business Index. This initiative is the first of its kind in the region and aims to measure and rank various metrics related to family-owned and family-controlled businesses in Abu Dhabi.

The index will evaluate factors such as revenue, industry, employment, governance structures, leadership gender ratios, succession planning, longevity, and overall contribution to socio-economic development. It is expected to provide valuable insights for investors, policymakers, academics, and the public.

The collaboration between ADDED and UAEU aims to strengthen Abu Dhabi's economic intelligence and research infrastructure. By combining UAEU's academic expertise with ADDED's economic growth mandate, the partnership promises impactful results that benefit the community. The index will support efforts to increase the contribution of family businesses to economic diversification and growth.

In 2022, Abu Dhabi issued a family business ownership governance law to enhance its legislative ecosystem. This law adopts a flexible and sustainable economic model that facilitates the transition of businesses across generations in line with international best practices. The new index aligns with this legislative framework.

Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, stated, "Equipped with decades-long experience in the market, family-owned businesses in Abu Dhabi continue to contribute positively to economic diversification, job creation, and transformation to an innovation-driven economy. We believe the index provides a suitable mechanism to accelerate our growth trajectory."

The index will also include cooperation in evidence-based economic and financial research. This involves exchanging experts for knowledge sharing, joint research activities, training sessions, workshops, and sharing research publications. These efforts aim to enhance Abu Dhabi's research capabilities.

The agreement reflects both entities' commitment to enhancing Abu Dhabi's research capabilities and strengthening cooperation across the Emirate's economic ecosystem. The collaboration ensures that future strategies are driven by research, knowledge transfer, and cooperation.

By expanding the scope of the index beyond Abu Dhabi to include the wider region and potentially the world, it aims to provide a comprehensive understanding of family businesses' role in economies globally. This expansion could shape future strategies and decisions on a broader scale.

The Abu Dhabi Family Business Index is anticipated to be immensely valuable for understanding the role and impact of family businesses in society. It will offer insights into their performance and influence within the economy.

This initiative marks a significant step towards solidifying Abu Dhabi's position as a leading centre for innovation and economic growth. The combined efforts of ADDED and UAEU are expected to deliver results that benefit not only Abu Dhabi but also set a precedent for other regions.

The MoU between ADDED and UAEU signifies a strategic move towards fostering knowledge sharing through joint research activities. This partnership is crucial for ensuring that future developments are based on solid research foundations.

This collaboration highlights the importance of academic expertise in driving economic growth. By leveraging UAEU's research capabilities alongside ADDED's economic mandate, this initiative aims to deliver significant benefits for Abu Dhabi's community.

The launch of this index underscores the importance of family businesses in contributing to socio-economic development. It provides a mechanism for measuring their impact on various aspects of the economy.

This initiative is expected to play a crucial role in shaping future strategies related to family businesses. By providing detailed insights into their operations and contributions, it will help inform policy decisions aimed at fostering economic growth.

Family-owned businesses have long been integral to Abu Dhabi's economy. The new index will highlight their contributions while providing data-driven insights that can guide future developments.

Through this partnership with UAEU, ADDED aims to ensure that future economic strategies are informed by robust research. This approach aligns with global best practices in governance and economic planning.

The introduction of this index represents a forward-thinking approach towards understanding family businesses' roles within economies. It sets a benchmark for other regions looking to implement similar initiatives.

By focusing on key metrics such as revenue generation and employment rates among family-owned businesses, this index offers valuable data that can drive informed decision-making processes within both public and private sectors.

This initiative demonstrates how collaborative efforts between academic institutions like UAEU and government bodies like ADDED can lead to meaningful advancements in economic research capabilities.

Family businesses play an essential role in job creation within Abu Dhabi’s economy; thus understanding their dynamics through this new index will be beneficial for all stakeholders involved including policymakers investors academics members public alike

With inputs from WAM