It provides comprehensive services..and paves the way for a smooth transfer of wealth between successive generations
Dubai launches global hub for family businesses and private wealth
The new initiative is in line with the DIFC 2030 strategy. Source
The Dubai International Financial Center announced the launch of the global center for family businesses and private wealth, which is the first of its kind in the region and the world.
The Dubai International Financial Center is the first financial center in the world to provide such a unique and integrated service at a time when the Middle East region awaits the transfer of assets estimated at 3.67 trillion dirhams (one trillion dollars) to the next generation during the next decade.
The center said in a statement yesterday that it is estimated that 20% of family businesses are managed by the third generation in the Middle East.
The Center stressed the importance of educating institutions and individuals facing challenges related to governance issues, the transfer of management from one generation to another, the transfer of ownership and wealth, the management of family business dynamics, and strategic affairs in order to ensure its stability and long-term success.
The new initiative falls within the objectives of the DIFC 2030 strategy, which will enable the center to double its size and increase its economic contributions to Dubai's GDP.
The center will bring together global family companies, elite high net worth individuals and private wealth owners under one roof, to help maintain and develop the sector and provide easy access to a wide range of support services that consolidate the legacy of these companies, and make the process of transferring management and ownership very smooth. .
The center also expects to attract family businesses and high net worth individuals from the region and the world who wish to establish their presence in the Emirate of Dubai.
The new center will operate independently, and will have wide-ranging competencies and services, including: counseling and reception services, education and training, broad networking opportunities, research and dissemination, and dispute resolution.
Accreditation will be given to companies and consultants in line with the strict DIFC standards.
This will give confidence to family businesses and high net worth individuals who need to draw on the expertise of a range of partners to make strategic decisions.
The Governor of the Dubai International Financial Center, Issa Kazim, said: “In line with the commitment of the rational government in the UAE to support family businesses to take an active role in the economy and society, we are pleased to launch the Global Center for Family Businesses and Private Wealth.”
He added, "There is no doubt that the UAE has a large number of family businesses owned by citizens and residents, as these companies contribute to enhancing the national economic development process."
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