Dubai Department Of Economy And Tourism Launches Comprehensive Family Business Guidebook

The Dubai Department of Economy and Tourism, in collaboration with the Dubai Centre for Family Businesses under Dubai Chambers, has introduced a new guidebook for family businesses. Titled ‘Family Businesses in the Emirate of Dubai: A Guidebook,’ it aims to safeguard family business wealth and ensure their long-term sustainability. The guide also supports the expansion of these businesses both currently and in the future.

The guidebook was unveiled at the inaugural event of the centre’s ‘Knowledge Series’ initiative. This event took place at Dubai Chambers’ headquarters, with a focus on ‘Building a Lasting Legacy: The Future of Family Businesses in Dubai.’ Discussions centred on strategies to preserve family business legacies and boost innovation capabilities.

This comprehensive guide provides insights into various structural options for family businesses. It addresses crucial areas such as corporate governance, family offices, wealth planning, leadership succession, real estate ownership, and tax considerations. Additionally, it covers conflict management, government initiatives supporting family enterprises, philanthropy's role, digital transformation, and registration procedures for family businesses in Dubai.

During the session, participants examined essential aspects of the UAE Family Business Law. They discussed mechanisms and requirements for registering companies as family businesses in Dubai. These discussions aimed to enhance understanding and compliance with local regulations.

Sahia Ahmad, CEO of Regulatory Policy and Governance at the Dubai Department of Economy and Tourism, highlighted the significance of family businesses. "Family businesses are a bedrock of Dubai’s economic progress," she said. They contribute significantly to achieving the goals outlined in the Dubai Economic Agenda D33 by creating jobs and investing locally.

Khalid AlJarwan from Dubai Chambers emphasised their role in economic growth. He stated that family businesses are crucial for developing diverse sectors. The new guidebook reflects a commitment to promoting effective governance and optimal administrative frameworks.

Supporting Sustainable Growth

The initiative aims to elevate business performance across generations by implementing effective governance practices. It seeks to ensure sustainable growth for family enterprises through strategic partnerships and regulatory enhancements.

This effort demonstrates a commitment to supporting family businesses through targeted initiatives. By fostering collaboration between key stakeholders like Dubai Chambers, these initiatives aim to advance the role of family enterprises in shaping Dubai’s economic future.

With inputs from WAM