Dubai: The Dubai Centre for Family Businesses, operating under Dubai Chambers, has announced a new partnership with Emirates NBD, aiming to bolster support for family enterprises in Dubai and facilitate their sustainable growth.
According to Emirates News Agency, the Memorandum of Understanding (MoU) signed between the two entities outlines a collaborative effort with Emirates NBD's Private Banking division. The initiative intends to develop a comprehensive framework to assist family businesses in preserving their wealth, legacy, and values for future generations. This support encompasses crucial areas such as governance and succession planning.
As part of the agreement, the Dubai Centre for Family Businesses will provide tailored advisory services to family business clients of the bank. These services will include governance maturity assessments and the development of family charters and office structures to ensure seamless generational transitions.
Emirates NBD will play a proactive role by encouraging its family business clients to engage in leadership development programs organized by the centre. These programs aim to enhance skills in governance, succession planning, and business continuity. Additionally, the centre will organize specialized workshops for Emirates NBD clients, focusing on family governance best practices, succession planning, and family office structures, with experts from Emirates NBD participating in these events.
Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, highlighted the importance of family businesses in economic development. He emphasized the collaboration's commitment to supporting the long-term growth of family enterprises by providing essential tools for competitiveness locally and globally.
AlJarwan also stressed the centre's dedication to helping family businesses adopt best practices in governance and succession planning, thereby strengthening their resilience and adaptability in the evolving economic landscape. He reiterated the focus on building strategic partnerships to offer holistic solutions for family business continuity and expansion, vital for economic diversification and cementing Dubai's status as a global business hub.
Mohammad Al Bastaki, Group Head of Private Banking at Emirates NBD, expressed satisfaction with the partnership, acknowledging its role in reinforcing Dubai's family-owned business ecosystem. He noted the sector's significant contribution to GDP and aligned the partnership with the Dubai Economic Agenda.
Al Bastaki remarked on the positive impact of recent regulatory and legislative changes in the UAE, which have better equipped family businesses for succession. However, he pointed out that only 20% of family businesses in the Middle East currently reach management by the third generation, highlighting the need for such strategic collaborations.