Through two memoranda of understanding with Wamda Group and Capital Club

«Economy»: developing a platform for family businesses and working groups that support their growth

During the signing of one of the two memoranda of understanding.

From the source

The Ministry of Economy announced that it has implemented new pivotal steps in developing the family business system in the UAE, enhancing the attractiveness of the business environment, providing the possibilities for its continuity and growth, keeping pace with future business trends, and increasing its contribution to advancing the process of sustainable economic development in the UAE.

The ministry stated that it had signed two memoranda of understanding, the first with "Wamda Group", to develop the family business platform "FB-X" launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, last June, as part of the initiatives of the "FB-X" plan. “Economy of the Fifty”, as the signing of the memorandum comes within the first phase of the platform’s implementation.

working groups

She added that the second memorandum of understanding comes with the Capital Club Group to launch a project of new working groups to exchange ideas and visions, learn about best practices, and follow global trends in the fields of business and economy, with the aim of developing policies and solutions to develop the environment of family businesses in the country and enhance their competitiveness. To make the UAE a leading center for family businesses from all over the world, and an attractive destination for partnerships and commercial and investment activities implemented by family businesses.

prime mover

The Minister of Economy, Abdullah bin Touq Al-Marri, stressed that family businesses represent a major driver of economic growth, leadership and competitiveness in the business environment in the country, and represent 90% of the total companies in the country. The current and future government, believing in the important role it plays in the growth of the economy, and the business and investment climate.

He said that developing the work environment for family businesses in the country is one of the main initiatives in the "fiftieth economy" plan, in line with the leadership's vision for the future, and supports the goals of the "UAE Centennial 2071".

He added that the development of the family business platform, and the working groups that support the growth of family businesses, represent an important shift in the implementation of the integrated program led by the Ministry of Economy and its partners to develop family businesses.

In turn, CEO of Wamda Group, Fadi Ghandour, said that the speed of changes in the economy is an incentive for many family businesses to move forward in support of their digital transformation plans and keep pace with technological development.

He added, "We look forward to working closely and continuously with the concerned authorities in the country and supporting their efforts in this regard, in parallel with supporting government initiatives that aim to explore the challenges and opportunities that digital transformation brings in the UAE and the Arab region as a whole."

In the same context, the General Manager of the Capital Club, Mohamed Karmawi, stressed the importance of the discussions that will be led by the new business groups in enhancing the family business climate in the country, and supporting it with ideas, visions and solutions that contribute to the growth and expansion of these companies.

He added, "As a reliable platform based on fruitful communication with the government and the private sector, we look forward to participating in the working groups launched by the Ministry of Economy and supporting its activities."

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