Dubai Centre for Family Businesses Unveils New Governance Toolkit for Family Businesses

Dubai Centre for Family Businesses Unveils New Governance Toolkit for Family Businesses 

The Dubai Centre for Family Businesses, operating under Dubai Chambers, has introduced a comprehensive guide aimed at aiding family businesses in fostering sustainable growth through effective corporate governance. The 'Corporate Governance Guidelines for Family Businesses' toolkit delves into governance structures, frameworks, and regulatory directives tailored for family-run enterprises.

This launch underscores the centre's dedication to furnishing practical resources on crucial subjects pertinent to family-owned ventures. Building upon the release of six guides in 2023 focusing on aspects crucial to the continuity of family businesses, this toolkit seeks to bolster their enduring sustainability and competitive edge.

President & CEO of Dubai Chambers, His Excellency Mohammad Ali Rashed Lootah, remarked, "Family businesses are integral to our economy, significantly bolstering Dubai's non-oil GDP and employing a considerable segment of the nation's workforce."

His Excellency further stated, "These entities are pivotal in propelling economic advancement, and we remain steadfast in advocating for their adoption of best governance practices to ensure continuity and seamless leadership transition across generations. The prosperity of family businesses fuels economic dynamism and aligns with the objectives outlined in the Dubai Economic Agenda (D33), aimed at doubling the emirate's economic scale over the next decade."

This latest guide builds upon the centre's ongoing endeavours to equip family businesses with effective resources. It emphasizes the critical role of corporate governance in such enterprises, elucidating key governing bodies including family councils, boards of directors, and their committees, alongside essential governance documents and requirements for board functions and assemblies.

Family businesses constitute approximately 90% of the UAE's private business landscape and contribute around 40% to the national GDP. With an anticipated compound annual growth rate of 5.5% in new wealth, as per the BCG Global Wealth Report 2023, private financial wealth in the UAE is projected to soar to US$1.3 trillion by 2027. This surge underscores the anticipated expansion within the family business domain, underscoring the imperative of fostering their sustainability and expansion to uphold their pivotal role in the nation's economic fabric.

Access the toolkit here.

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