Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE has unveiled the Dubai Family Business Management Programme, according to the Government of Dubai Media Office.
The programme, which is a project of the Dubai Centre for Family Businesses, seeks to empower and develop management skills among family business leaders, to ensure continuity, effective succession planning, and better governance among family-owned businesses.
“The programme is an extension of a series of programmes and plans aimed at supporting family businesses, whose success indicates the growth of Dubai’s business community,” Sheikh Maktoum said.
“The Dubai Family Business Management Programme is a step ahead to ensure the sustainability and continuity of family businesses over generations and is a reflection of our belief that sustainable investment at its core is based on advancing human capabilities and management competence.”
The programme has been launched in partnership with Mohammed bin Rashid Center for Leadership Development.
Dubai opens centre for family businesses
Meanwhile, Dubai Chambers set up a dedicated centre for family -owned businesses in July to help them navigate challenges such as succession planning and achieving sustainable growth.
The centre aims to foster the development of the family business sector and enhance its economic contribution, which, in turn, will support the emirate’s strategic plans.
The newly founded entity will is also tasked with launching initiatives to enhance the sustainability and growth prospects of family businesses in Dubai.
It also aims to develop an integrated strategy to support and grow family businesses and their ownership in the city.
Enterprising families are key drivers of the UAE non-oil economy, the second largest in the Arab world.
These businesses have grown exponentially over the years across sectors such as manufacturing and trading to retail, hospitality and financial services.
Family businesses in the UAE range from small and medium outfits to multibillion-dollar holding companies controlling retail, hospitality, property and banking businesses.
The business management programme is expected to help achieve D33 objectives by preparing second-tier business competencies that will contribute to enhancing competitiveness and ensuring sustainable development of the emirate.