Dubai: The Dubai Centre for Family Businesses, operating under Dubai Chambers, has launched three specialised advisory services aimed at supporting the sustainable growth of family businesses in the region. This initiative is designed to strengthen the governance of family-owned enterprises in Dubai, enhancing their future readiness to navigate the evolving economic landscape and capitalize on emerging opportunities.
According to Emirates News Agency, the new services underscore the centre's commitment to boosting the economic contribution of family businesses, aligning with Dubai's future development plans. The centre seeks to enhance the competitiveness of this sector by safeguarding its interests, streamlining operations, and investing in leadership development to ensure sustainability in the long run.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the importance of family businesses as a growth engine within Dubai's economy. He noted, "Ensuring their continued success is essential to enhancing the emirate's competitiveness and driving sustainable long-term growth." Lootah added that the centre is dedicated to empowering these companies to embrace global best practices, reinforcing Dubai's position as a global hub for trade and investment.
The first of the new services, the Current-State Assessment and Family Constitution Review, provides an in-depth evaluation of a business's governance framework. It includes a thorough review of existing Family Constitutions, using the centre's automated assessment tool to compare governance processes with regulatory requirements and industry standards.
The second service, Family Constitution Drafting, offers a strategic roadmap for businesses, detailing policies and governance structures crucial for sustainability. This service involves drafting documents through workshops and discussions with family members, ensuring alignment and buy-in from all stakeholders.
The third service, the Family Office Blueprint, guides families in establishing a platform for managing wealth and personal affairs. The centre facilitates workshops to help families define their objectives, services, and staffing needs, exploring wealth management and legacy planning to create an effective Family Office structure.