The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has developed a new guide aimed at helping family businesses cultivate sustainable growth through the implementation of effective corporate governance.
The ‘Corporate Governance Guidelines for Family Businesses’ toolkit focuses on governance structures, governance frameworks, and key regulatory guidelines for family businesses.
The launch of the new toolkit reflects the centre’s ongoing commitment to providing practical guides on the main topics of interest to family enterprises. It follows the publication of six guides during 2023 addressing key areas affecting the continuity of family-run businesses and aims to support their long-term sustainability and competitiveness.
His Excellency Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, commented,
“Family businesses are an essential part of our economy, contributing significantly to Dubai’s non-oil GDP and employing a substantial proportion of the country’s workforce.”
His Excellency added:
“These companies play a vital role in driving economic growth, and we remain committed to encouraging them to follow best practices in corporate governance that support their continuity and ensure the successful transition of leadership between generations. The success of family businesses boosts economic activity and contributes to achieving the goals of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade.”
The new guide from the Dubai Centre for Family Businesses emphasizes the importance of corporate governance for family businesses, outlining key bodies and documents involved. With family businesses constituting around 90% of private businesses in the UAE and contributing 40% to the national GDP, their sustained growth is crucial. Forecasts suggest a significant increase in private wealth, driving expansion in the sector.
Launched under Dubai Chambers in May 2023, the Centre aims to support the growth and sustainability of family businesses, aligning with Dubai's future development plans.
News Source: Dubai Media Office
