VP sets up Family Business Centre
DUBAI: In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued a decree establishing the Family Business Centre in Dubai with the objective of driving the sustainability and growth of family businesses in the emirate.
According to the decree, the Center will be established as part of the Dubai Chambers’ organisational structure and will carry out the tasks assigned to it under this decree.
The Federal Decree Law on Family Business, which aims to create a thorough and simple legal framework to manage the ownership and governance of family businesses in the United Arab Emirates, is congruent with the decree establishing the Family Business Centre in the emirate.
The Decree outlines the Center’s duties and responsibilities, which include offering family businesses technical and administrative support, ensuring their sustainability and orderly generational succession, developing a comprehensive strategy to support and develop family businesses in the emirate, and providing creative solutions to deal with these businesses and increase prospects for their growth.
Under the decree, the government agencies in the emirate and others are urged to fully collaborate with the Centre and provide all necessary support enabling it to carry out the tasks and powers entrusted to it under this decree and the decisions issued pursuant thereto and the legislation in force in the emirate.
The decree is effective upon issuance and will be published at the Official Gazete.
In September last year, under the directives of Sheikh Mohammed, to develop a comprehensive business strategy to support the growth of family-owned businesses in the UAE within the framework of the economic goals of the Year of the Fitieth initiative, Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, today launched ‘Thabat’, a programme aimed at boosting the growth, sustainability and continuity of familyowned businesses.
Sheikh Maktoum said: “Family businesses represent one of the key pillars of the UAE’S economic vision and strategy, and are among the highest priorities on the country’s development agenda. Family businesses constitute a key engine of growth and are a vital element of our plans to promote development driven by knowledge, innovation and creativity.”
“The ‘Thabat’ programme seeks to support and enable family businesses to diversify into new business sectors, in line with the UAE’S vision for the next fity years,” Sheikh Maktoum added.