Provides a new platform for wealthy families to manage their global wealth, assets and investments from Dubai
Dubai World Trade Authority unveils new regulations for licensing family businesses
The new regulations encourage family businesses to establish single-family and multi-family offices in the center's free zone.
From the source
Hilal Al-Marri: "The new regulations meet the requirements of international companies involved in providing advisory services and wealth management."
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Yesterday, the Dubai World Trade Center Authority announced new regulations that encourage family businesses to establish single-family and multi-family offices in the free zone.
The authority explained in a statement that the new regulations meet the needs of family businesses, and provide a new platform for wealthy families to establish foreign holding companies in the free zone of the Dubai World Trade Center Authority, to manage their wealth, assets and family investments in various parts of the world from Dubai.
Top Destinations
The authority indicated that Dubai is one of the most preferred global destinations for ultra-rich families, as it witnessed the movement of more than 2,000 people with huge wealth to reside in the emirate during the first half of this year, and the number of Dubai's population with high net worth increased by 3.8%, From 52 thousand people last December to 54 thousand people today.
She stressed that the promising prospects for the business environment in Dubai contribute to providing a distinguished destination for the activities of single-family offices, multi-family offices, trust funds and institutions.
important class
"Family businesses are an important category in today's global economic landscape, and they are an essential part of the broader international investment community," said Helal Saeed Al Marri, Director General of the Dubai World Trade Center Authority.
He added, "After a challenging year, family businesses around the world have shown high resilience as they look to diversify their business and expand into new markets," stressing that "the Dubai World Trade Center Authority recognizes the need for a specialized legal and regulatory framework that provides more flexibility." And the main advantages of establishing single and multi-family offices in Dubai, which provides an attractive environment that allows family offices to successfully manage their businesses.”
Owning and managing
Al-Marri indicated that the regulations for licensing single family offices issued by the Dubai World Trade Center Authority allow foreign institutions that were established by members of one family directly to own and manage their wealth, assets, companies and joint investments by establishing a new institution or company in the free zone. And licensed to operate from the free zone of the Dubai World Trade Center Authority.
requirements
Al-Marri stated that the new regulations for licensing multi-family offices meet the growing requirements of international companies involved in providing advisory services and wealth management, which are looking to expand their operations and portfolios in the Middle East, Africa and South Asia.
attractive destination
Al Marri stressed that the Dubai World Trade Center Authority, through the new regulations, reinforces its commitment to family businesses, and confirms its determination to strengthen Dubai's position as an attractive destination for local, regional and international family offices.
• Dubai witnessed the movement of 2,000 wealthy people to reside in the emirate during the first half of 2021.
Preferred Free Zone
The Dubai World Trade Center Authority has emerged as a preferred free zone after a period of strong growth in the first half of 2021, with 427 new companies registered, with an annual growth rate of 300% compared to the same period in 2020.
"The Dubai World Trade Center Authority has succeeded in making strong progress this year, as a preferred free zone for the international investment community," said Hilal Al-Marri, Director-General of the Dubai World Trade Center Authority.
He added: “We are confident that we will be able to maintain this momentum thanks to Dubai’s business-friendly environment, best-in-class regulatory options and comprehensive judicial systems in it.
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