Sharjah 24 – WAM: In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to develop an integrated system to support the growth of family businesses, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has inaugurated the Dubai Centre for Family Businesses.
Operating under the umbrella of Dubai Chambers, the Centre will work to foster the development of the family business sector and enhance its economic contribution, which, in turn, will support the emirate’s strategic future plans.
The new entity will also launch initiatives to enhance the sustainability and growth prospects of family businesses in Dubai.
The inauguration of the Centre is part of a comprehensive plan approved by Sheikh Mohammed bin Rashid at the Dubai Council’s fifth meeting in May 2022 to enhance systems and processes that ensure the sustainability of family businesses over the next 100 years.
Maktoum bin Mohammed said, “Ensuring the growth and sustainability of family businesses is a strategic priority and a core part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Family businesses represent a key pillar of the sustainable development process and a cornerstone of the future economy.”
“The inauguration of the Dubai Centre for Family Businesses aims to strengthen the economic system that the emirate provides to support family businesses, develop the business community, establish confidence in the business environment, and enhance the sector’s ability to keep pace with global developments to ensure sustainable economic growth,” he further said.
He underlined the historical role family businesses have played in shaping Dubai’s unique economic model, noting that they will play a major role in realising the goals of the Dubai Economic Agenda D33, which aims to increase private sector investment in development projects to AED1 trillion by 2033.
Established by Decree No. (45) of 2022, the Dubai Centre for Family Businesses plays a crucial role in developing an integrated strategy to support and grow family businesses in the emirate. It offers a range of services to enhance the sustainability and ownership of family businesses, including providing policy suggestions, incentives, and templates for family business-related documents.
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