New regulations for licensing family businesses in Dubai World Trade Union

The Dubai World Trade Center Authority today 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.

The authority indicated that Dubai is one of the most preferred global destinations for ultra-wealthy 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 currently.

She stressed that the promising prospects for the business environment in Dubai contribute to providing a distinct destination for the activities of single-family offices, multi-family offices, trust funds and institutions.

"Family businesses are an important category in today's global economic landscape and 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 year full of difficult challenges, 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.”

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.

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