DWTC facilitates family-run entities

The Dubai World Trade Centre Authority (DWTCA) yesterday announced new regulations to encourage family businesses to establish single and multiple family office (SFO & MFO) licences with the free zone.

The regulations address the needs of family-run entities and introduce a new platform for wealthy families to set-up offshore holding companies within DWTCA’s designated free zone to manage their private family global wealth, assets and investments from Dubai.

Dubai has emerged as one of the most popular cities in the world for ultra-wealthy families, after more than 2,000 high-net-worth individuals moved to the emirate in the first six months of 2021. The city’s population of HNWIs rose 3.8 per cent to 54,000, up from 52,000 in December 2020.

Business-forward stance

The emirate’s businessforward outlook and lowrisk environment make it an excellent prospect for Single and Multiple Family Offices, Trusts and Foundations.

“Family businesses are a highly significant segment within today’s global economic landscape and are integral to the wider international investment community. Following an exceptionally challenging year, family businesses worldwide have shown extraordinary resilience and agility, and are eager to diversify and expand into new markets,” said Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority (DWTCA).

“DWTC Authority recognises the need for a specialised legal and regulatory framework that offers distinct flexibility and fundamental benefits for setting up Single and Multiple Family Offices in Dubai, providing an attractive environment that supports Family Offices to operate successfully.”