Dubai Centre For Family Businesses Introduces Three New Advisory Services For Sustainable Growth

The Dubai Centre for Family Businesses, part of Dubai Chambers, has introduced three advisory services to promote the sustainable growth of family businesses. These services aim to improve governance in family-owned enterprises in Dubai, preparing them for future economic changes and helping them seize new opportunities.

The first service offered is the Current-State Assessment & Family Constitution Review. This service provides a comprehensive evaluation of a family business’s governance framework. It includes a detailed review of existing Family Constitutions using an automated tool that assesses governance maturity against regulatory standards and industry best practices.

The service identifies gaps and risks in governance frameworks, promotes stakeholder alignment, and offers tailored recommendations for improved governance and sustained growth.

The second service focuses on Family Constitution Drafting. It offers a strategic plan for family businesses by outlining policies, governance structures, and decision-making processes crucial for sustainability. The centre assists in drafting these documents through interviews with family members and stakeholders. Workshops ensure alignment among family members, creating a document that reflects their shared vision and values while defining roles, responsibilities, and decision-making processes.

The third service is the Family Office Blueprint service. It helps families establish a private platform for managing wealth, investments, and personal affairs. The centre conducts workshops to enhance understanding of Family Offices, aiding families in defining objectives, services provided, and staffing needs. This service clarifies the purpose and strategic goals of a Family Office while exploring wealth management services and identifying necessary skills for an effective structure.

These new services highlight the centre's ongoing commitment to enhancing family businesses' competitiveness by safeguarding their interests and streamlining operations. By investing in leadership development, the centre aims to ensure long-term sustainability for this vital sector.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, "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 emphasised the centre's commitment to empowering these businesses to adapt to economic shifts and adopt global best practices, thereby strengthening Dubai's private sector and its status as a global trade and investment hub.

This initiative reflects the broader goal of supporting Dubai's future development plans by strengthening family businesses' economic contributions. By providing these specialised advisory services, the centre seeks to empower family-owned enterprises to navigate challenges effectively while capitalising on promising opportunities in an evolving economic landscape.

With inputs from WAM