Dubai Forum Enhances Sustainability of Family Businesses for Indian Community

Dubai Forum Addresses Family Business Sustainability

Dubai Chambers, in collaboration with the Ministry of Economy and Tourism and the Indian Business and Professional Council, convened a special family business forum today in Dubai. The event attracted 87 members of the Indian business community and aimed to explore strategies for supporting the sustainability of family enterprises. Key discussions focused on enhancing governance capabilities and encouraging the adoption of international best practices among family businesses operating in Dubai.

The forum was attended by prominent figures, including H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, and H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The event highlighted the significance of Federal Decree Law No. (37) of 2022 on Family Businesses, which is designed to create a supportive environment for family business growth and adaptability in response to economic shifts.

H.E. Abdulla bin Touq Al Marri emphasized the critical role of family businesses in the UAE’s economy, stating that they contribute 60% of the national GDP and employ 80% of the workforce. He noted that these enterprises represent approximately 90% of all private companies in the UAE, underscoring their importance in various sectors such as hospitality, retail, and real estate.

Unified Family Business Registry Promotes Growth

During the forum, H.E. Al Marri called on family businesses to register with the Unified Family Business Registry. This federal platform offers a suite of services, including registration, issuance of certificates, and management charters to ensure continuity of operations. The registry aims to create a sustainable business environment that enhances competitiveness and allows family businesses to thrive in a global market.

H.E. Mohammad Ali Rashed Lootah reiterated the commitment of Dubai Chambers to support family businesses in transitioning to more advanced institutional models. He emphasized the necessity of adopting best practices in governance to prepare these enterprises for future growth and to solidify Dubai’s status as a global business hub.

Lootah also pointed out that the Dubai Centre for Family Businesses plans to launch specialized advisory services in 2025, aimed at improving the operational performance of family businesses. These services include assessments, family charter drafting, and family office planning.

Strengthening Governance and Leadership Succession

The forum facilitated discussions on the critical aspects of governance and leadership succession within family businesses. Participants explored innovative strategies to enhance operational efficiency and ensure stability across generations. The emphasis on governance reform aims to enable family businesses to adapt to evolving market conditions and capitalize on emerging opportunities.

As part of its initiative to bolster family businesses, Dubai Chambers has issued its first directory of family business advisers in Dubai. This directory is intended to connect family businesses with trusted advisers, thereby improving access to specialized services in key administrative and operational areas.

Frequently Asked Questions

What is the purpose of the Unified Family Business Registry?

The registry offers services such as registration, issuance of certificates, and management charters to ensure continuity and support growth.

How do family businesses contribute to the UAE economy?

Family businesses contribute 60% of the UAE’s GDP and employ 80% of the workforce, making them vital to the economy.

What services will the Dubai Centre for Family Businesses offer in 2025?

The Centre will provide services including Current Situation Assessment, Family Charter Review, and Family Office Planning.

Why is governance important for family businesses?

Good governance enhances operational efficiency, stability, and adaptability to market changes, ensuring long-term success.

Who attended the family business forum in Dubai?

The forum was attended by 87 members from the Indian business community and officials from Dubai Chambers and the Ministry of Economy and Tourism.