Dubai Enhances Support for Family-Owned Businesses

Dubai's "Chambers of Commerce" has announced the establishment of the Dubai Center for Family-Owned Businesses to educate them on leadership transition, planning, and growth. Chairman Abdul Aziz Al Ghurair stated that Dubai intends to launch a center for family business disputes to resolve conflicts outside of court. Family-owned businesses contribute 60% to the UAE's GDP and represent 80% of its workforce. Al Ghurair noted, "The size of family businesses has changed over the past fifty years from smaller firms to billion-dollar enterprises... It has become increasingly important to ensure a smooth and trouble-free transition from the founder to the next generation." He emphasized the necessity of involving and educating the next generation in family businesses before the founder’s passing. He continued, "Sisters and mothers also need to be educated as they will one day become the owners of these businesses and will be required to vote." The new family business law in the UAE, which came into effect in January, aims to improve how leadership transitions to successive generations.