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Empowering Dynasties: Introduction of the Dubai Centre for Family Businesses

The Dubai Centre for Family Businesses was launched on Tuesday, 16 May 2023 to attract family-owned businesses from around the world while providing valuable support to UAE businesses in terms of succession planning.

This organization, established by the Dubai Chamber of Commerce, the official representative of the business community in Dubai, is dedicated to nurturing and fostering the growth of family enterprises, which play a key role in the UAE’s economy. It seeks to assist family companies in not only thriving but also successfully navigating transitions to ensure their long-term survival. All family businesses in the Emirate, regardless of their size or turnover, will have access to the services provided by the center.

Recognizing the significant historical influence of family businesses on Dubai’s economic model, it is acknowledged these businesses will continue to play a key role in achieving the objectives of the Dubai Economic Agenda D33. This initiative aims to boost the private sector investment in development projects to AED 1 trillion (USD 272 billion) by 2033.

According to a report by KPMG in 2022, family-owned businesses account for 60 percent of the Gross Domestic Product (GDP) of the United Arab Emirates, and employes 80 percent of its workforce.

In January, a new UAE Family Companies Law came into effect to enhance the process of transitioning companies to future generations.

<span “font-family: helvetica, arial, sans-serif;”>Galadari have been working with family offices for over 40 years. For more information on Family Businesses, please contact Abdulla Ziad Galadari. Abdulla is Senior Partner at Galadari and is a key influencer across the UAE, having supported a diverse range of businesses and senior dignitaries in navigating the UAE’s legal framework. Abdulla is recognized as a regional ‘Leading Professional’ by the Legal 500.

<td “width: 10.9862%;”> <td “width: 86.8706%; text-align: left;”>Abdulla Ziad GaladariSenior Partnerabdulla@galadarilaw.com