Dubai Centre For Family Businesses Partners With Emirates NBD To Enhance Support For Family Enterprises

The Dubai Centre for Family Businesses, part of Dubai Chambers, has partnered with Emirates NBD to bolster support for family businesses in Dubai. This collaboration aims to promote sustainable growth and ensure the preservation of family wealth and values across generations.

Under this agreement, the centre will work with Emirates NBD's Private Banking division to create a framework that supports family business governance and succession planning. The goal is to help these businesses maintain their legacy and adapt to future challenges. Tailored advisory services will be offered, including governance maturity assessments and the development of family charters.

Emirates NBD will also encourage its clients to engage in leadership programmes organised by the centre. These programmes aim to enhance skills in governance, succession planning, and business continuity. Additionally, specialised workshops will be held for Emirates NBD clients, focusing on best practices in family governance and office structures.

The agreement includes organising workshops on key topics such as family governance and succession planning. Experts from Emirates NBD will contribute to these events, sharing insights and strategies with participants. This collaboration reflects a shared commitment to equipping family enterprises with tools for success.

Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, stated, "Family businesses play a pivotal role in driving economic development, and ensuring their continued success is vital to sustainable growth. This collaboration between the Dubai Centre for Family Businesses and Emirates NBD reflects our shared commitment to supporting the long-term growth of family enterprises across generations by equipping them with the tools they need to thrive and enhance their competitiveness both locally and globally."

Commitment to Economic Growth

AlJarwan emphasised the importance of adopting best practices in governance and next-generation skills development. He noted that strengthening resilience helps businesses adapt in a changing economy. Strategic partnerships are crucial for offering solutions that support continuity and expansion of family enterprises.

Mohammad Al Bastaki, Group Head of Private Banking at Emirates NBD, expressed satisfaction with this partnership. He said it strengthens the emirate’s family-owned business ecosystem, which is vital for GDP growth. "Emirates NBD is pleased to collaborate with the Dubai Centre for Family Businesses to strengthen the emirate’s family-owned business ecosystem. This sector plays a vital role in driving GDP, and our new partnership solidifies Emirates NBD’s commitment to economic growth in line with the Dubai Economic Agenda."

Adapting to Regulatory Changes

Al Bastaki highlighted recent regulatory changes that have helped prepare family businesses for succession. Despite these advancements, only 20% of Middle Eastern family businesses reach third-generation management. The partnership aims to address this challenge by providing comprehensive support.

This initiative underscores a joint effort between Dubai Centre for Family Businesses and Emirates NBD to foster long-term growth among family enterprises. By focusing on governance, succession planning, and skill development, they aim to enhance competitiveness locally and globally while contributing significantly to economic diversification.

With inputs from WAM