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25 June 2024

Dubai Centre for Family Businesses commences its activities with launch of Governance Series

Published
By E247

The Dubai Centre for Family Businesses has commenced its activities under the umbrella of Dubai Chambers with the launch of the Governance Series, a series of educational sessions focusing on key issues influencing the success of family businesses. The sessions will explore topics such as UAE laws and the effective implementation of governance, with the goal of supporting strong succession planning and contributing to the continuity and sustainability of family businesses.

The inaugural event, which attracted around 100 participants, provided a comprehensive overview of the Federal Decree-Law No. 37 of 2022 in relation to Family Companies and Law No. 9 of 2020 regulating family ownership in Dubai. In addition, the session enabled attendees to network with fellow members and engage in an insightful panel discussion with distinguished experts sharing their diverse perspectives on the new law.

The event began with a presentation from the Al Tamimi & Company law firm, which provided an overview of the legal and legislative ecosystem for family businesses in Dubai. Key aspects of the two laws were also reviewed, together with the rules and procedures governing and regulating the work of family businesses operating in Dubai International Financial Centre (DIFC). 

This was followed by an insightful panel discussion featuring representatives from Al Tamimi & Company, DIFC, and Hawkamah, which explored the role of the two pieces of legislation in enhancing the sustainability of family businesses and promoting good governance.

His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “The Dubai Centre for Family Businesses offers an integrated system of support and training programmes on issues of strategic importance to all family businesses. The launch of the Governance Series marks the beginning of the Centre’s activities, which will focus on developing effective governance frameworks and systems to be adopted by family businesses to ensure a smooth succession process between generations and promote their growth and sustainability.”

His Excellency added: “Dubai Chambers remains committed to boosting the competitiveness of family businesses, protecting their interests, and investing in their future leaders to ensure the long-term success of their businesses.”

The Governance Series will focus on laws affecting family businesses and explore best practices in governance, which play an important role in succession planning. The sessions are designed to showcase the benefits of adopting strong governance principles and will enable the family business community to learn more about how to ensure the effective implementation of governance at the company, ownership, and family levels.

Six sessions will be organised as part of the Governance Series during 2023 encompassing a variety of topics. The initiative is set to raise awareness on the services offered by the Dubai Centre for Family Businesses, highlight the support it provides to family-owned businesses, and create networking opportunities. It targets key stakeholders in the family business community including company owners, next generation family members, managers, and lawyers, together with affiliated family business advisors.

To help build capacity and promote best practices, the Governance Series will also feature insightful sessions with representatives from successful local, regional, and global family businesses, who will discuss their experiences and areas of expertise with participants. These meetings are designed to support members in overcoming challenges and growing their businesses, as well as encouraging networking opportunities between companies and creating a platform to share inspiring multi-generational success stories.

Officially launched under the umbrella of Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring the growth and sustainability of family businesses in Dubai. The Centre aims to further develop this vital sector and enhance its economic contribution in support of the emirate’s future development plans.