Dubai Chambers has set up a dedicated centre for family owned businesses, a critical part of the emirate's private sector economy, to help them to navigate challenges such as succession planning and achieving sustainable growth.
All family businesses in the emirate, regardless of their size or the volume of their turnover, will be able to avail services offered by the Dubai Centre for Family Businesses, which aims to make corporate governance an integral part of growth and continuity strategy of family owned private companies, Abdul Aziz Al Ghurair, chairman of Dubai Chambers, said on Tuesday.
“More than 70 per cent of [Dubai’s] GDP [gross domestic product] comes from private sector. It is significant for Dubai to see these private sector [companies] succeed,” he told reporters at the centre's launch ceremony at Dubai Chambers.
The centre was formally launched by Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Finance Minister, who said “ensuring the growth and sustainability of family businesses is a strategic priority” for Dubai.
“Family businesses represent a key pillar of the sustainable development process and a cornerstone of the future economy,” he said in a statement issued by the Dubai Media Office.
"Our vision is ambitious,” Sheikh Maktoum said.
“Family businesses are important partners in our economic growth. Their role is vital, their contribution is essential and their sustainability and continuity are a priority.”
A big part of Dubai’s success story is private business establishments, which have played a critical role in the building and shaping of the emirate’s economy.
“The size of the family business in the last 50 years has changed from small business … to multibillion-dollar business, so it does play a very critical role in the in the economy,” Mr Al Ghurair said.
“Therefore, it is becoming all the more critical to ensure that the transition from the founder to the next generation becomes very smooth and trouble free.”
The new centre aims to engage with the next generation of family businesses in the emirate and prepare them to take the reins when required, said Mr Al Ghurair.
“Involvement of the next generation early on in their business is critical so they are aware of the challenges and opportunities,” he said.
Family owned businesses are key drivers of the UAE economy, the second largest in the Arab world.
These enterprises have grown rapidly in the past few decades across sectors such as manufacturing and trading to retail, hospitality and financial services.
Family businesses range from small and medium outfits to multibillion-dollar holding companies controlling retail, hospitality, property and banking businesses.
These companies account for a vast majority of jobs, and are critical in boosting economic activity through their supply chain ecosystems.
In 2021, the UAE Ministry of Economy said it was considering new policies to help family businesses further grow and increase their economic contribution as the country pursues its long-term economic development growth.
In February, the Dubai International Financial Centre also finalised regulations to enable more family owned businesses to start operations from its Global Family Business and Private Wealth Centre.
Mr Al Ghurair said Dubai Chambers had signed a co-operation agreement with the DIFC, one of top financial centres in the Middle East, Africa and South Asia, for the two bodies to work closely to bring more international family offices to the emirate.
“We will attract and encourage family business offices from around the region, around the world, to move to Dubai and to move to [the] DIFC to take advantage of the legal structure and the framework we have here,” he said.
The new centre will provide consultation services to family owned businesses in terms of succession planning, as well as awareness seminars on corporate governance, sustainability and issues relating to business continuity.
By incorporating corporate governance into their business DNA, these companies will be better prepared to become listed companies, Mr Al Ghurair said.
However, it is not centre’s mandate to prepare them for initial public offerings, he said.
The centre will guide these companies on the merits of becoming a listed company and will introduce them to consultants and advisers if required, he said.
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The years Ramadan fell in May
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Global state-owned investor ranking by size
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KILLING OF QASSEM SULEIMANI
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
Killing of Qassem Suleimani
The five pillars of Islam
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
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Mohammed bin Zayed Majlis
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Company%20profile
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
More from Rashmee Roshan Lall
More from Neighbourhood Watch:
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
