Forum in Dubai Enhances Family Business Growth and Governance Strategies

In a collaborative event organized by Dubai Chambers alongside the Ministry of Economy and Tourism and the Indian Business and Professional Council, significant strides were made to bolster family businesses in Dubai and ensure their ongoing success.

The gathering attracted members of the Indian family business sector, focusing on improving leadership succession, governance practices, and global best methods.

Keynote speakers Abdulla bin Touq Al Marri and Mohammad Ali Rashed Lootah discussed the pivotal Federal Decree Law No. (37) of 2022 related to Family Businesses.

This legislation aims to provide greater legal adaptability for family-run enterprises, facilitating their growth and resilience amid evolving economic landscapes. It also emphasizes maintaining business continuity across generations.

Bin Touq underscored the significance of family businesses in the UAE, noting their contribution of approximately 60% to the nation’s GDP, employment for 80% of the workforce, and representation of nearly 90% of private entities. He affirmed that a strong legal framework, with the Family Business Law at its core, supports these enterprises.

Additionally, he announced the introduction of the Unified Family Business Registry, a national initiative designed for businesses to register, acquire necessary certificates, and submit family charters, ensuring seamless operations.

He encouraged UAE family businesses to take advantage of this registry and leverage the nation's conducive business atmosphere, which accommodates over 2,000 economic activities.

Lootah remarked on the rich history of family businesses in Dubai built on trust. He mentioned that Dubai Chambers is actively working to facilitate the adoption of contemporary governance practices and ensure readiness for future advancements.

The forum, which hosted 87 participants, zeroed in on enhancing governance frameworks, strategizing leadership transitions, and improving operational capabilities. Discussions also emphasized innovation as a vital component for local and global competitiveness.

Moving forward, the Dubai Centre for Family Businesses is set to roll out three advisory services in 2025 to support current business evaluations, family charter drafting, and family office arrangements.

Moreover, the Centre has initiated its inaugural directory of family business advisors in Dubai, aiding businesses in connecting with reliable specialists across various crucial domains.

This forum underscores Dubai's commitment to uplifting family enterprises and amplifying their impact on both economic advancement and international competitiveness.