Post by : Badri Ariffin

In a collaborative effort, Dubai Chambers, alongside the Ministry of Economy and Tourism and the Indian Business and Professional Council, organized a special forum aimed at fortifying family businesses to ensure their long-lasting viability.

The event engaged members of Dubai's Indian family business sector, delving into themes of governance, succession planning, and the integration of global best practices.

Key figures Abdulla bin Touq Al Marri and Mohammad Ali Rashed Lootah attended the forum, emphasizing the significance of the Federal Decree Law No. (37) of 2022 regarding Family Businesses.

This legislation seeks to enhance legal adaptability for family-owned enterprises, enabling them to thrive amid shifting economic landscapes and ensuring continuity across generations.

According to Abdulla bin Touq Al Marri, family businesses play a pivotal role in the UAE's economy, accounting for approximately 60% of the nation’s GDP, employing around 80% of the workforce, and comprising nearly 90% of private enterprises. He noted that the UAE has developed a robust legal framework to bolster these businesses, with the Family Business Law being particularly significant.

He also underscored the introduction of the Unified Family Business Registry, a national resource for business registration, obtaining certifications, and submitting family charters. This initiative is designed to facilitate efficient management and operational continuity.

Moreover, he encouraged all family businesses in the UAE to leverage the registry, highlighting the country’s pro-business ecosystem that opens doors to over 2,000 economic activities.

Mohammad Ali Rashed Lootah remarked that Dubai's family businesses have a rich legacy characterized by trust and expertise. He highlighted Dubai Chambers' initiatives to assist these businesses in implementing contemporary governance frameworks and preparing for future expansion.

Attended by 87 participants, the forum concentrated on refining governance architectures, planning for leadership transitions, and enhancing operational efficiency. Topics of discussion also included the necessity for innovation to bolster competitiveness in local and global markets.

As part of its commitment, the Dubai Centre for Family Businesses is set to introduce three advisory services in 2025, which will include evaluations of current business states, crafting family charters, and strategizing family office planning.

Additionally, the centre is launching its inaugural directory of family business consultants in Dubai, aiding companies in connecting with trusted professionals across essential business domains.

This forum underscores Dubai's sustained pursuit to empower family businesses, reinforcing their significance in economic advancement and international competitiveness.

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