He stressed that Dubai is a city where businesses are established easily, grow rapidly and sustain for future generations
Maktoum bin Mohammed: Family businesses are a partner in Dubai's entrepreneurship. Supporting it is one of our top priorities
Maktoum bin Mohammed witnessed the signing of a Memorandum of Understanding (MoU) between the Dubai Family Business Centre and the Family Wealth Centre. From the source
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of the Dubai International Financial Centre (DIFC), has witnessed the signing of a Memorandum of Understanding (MoU) between the Dubai Family Business Centre (DFC) in Dubai Chambers and the Family Wealth Centre (FIC) in Dubai International Financial Centre (DIFC) to support family businesses and motivate them to go global.
Under the MoU, the Dubai Family Business Centre and the Family Wealth Centre will collaborate in the areas of training, education, events and joint promotions.
priority
His Highness said in a tweet on the blogging site «Twitter»: «witnessed the signing of a memorandum of understanding between the Dubai Family Business Center in Dubai Chambers and the Family Wealth Center in the Dubai International Financial Center, with the aim of enhancing cooperation in multiple fields, to ensure the application of best practices and achieve the best results for family businesses. Supporting family businesses will remain one of our top priorities, as they are a partner in Dubai's economic leadership and future. Dubai is a city where businesses are built easily, grow rapidly and sustain for future generations."
Cooperation mechanisms
The MoU stipulates that the Family Wealth Center and the Dubai Family Business Center will cooperate to find joint cooperation mechanisms with federal and local authorities related to family businesses, with the aim of issuing strategic recommendations to decision-makers to motivate family businesses to apply corporate governance standards in accordance with the best practices, applications and classifications of family businesses, which were reached by the Family Wealth Center, and vary from (AA) to (AAA*), according to what is approved in the concerned family business, which contributes to motivating family businesses to go global. Through the application of world-class standards, including the adoption of environmental governance and social responsibility, Sharia compliance standards, and other standards that have a positive impact on communities and achieve sustainable development.
Adoption of legal systems
Areas of cooperation include providing access to the Family Office Club to enhance global business networking opportunities, recommending DIFC systems and structures for succession planning between generations and offices, as well as recognizing the accreditation system and certifying family business career advisors.
In collaboration with the DIFC Family Wealth Centre, Dubai Chambers have adopted the legal regulations and structures of DIFC to organize, manage and govern family businesses, to plan management and succession between generations, including family offices, in addition to recognizing the accreditation system and issuing certificates of professional advisors.
Integrated System
The Dubai Family Business Centre falls under the umbrella of Dubai Chambers, in implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop an integrated business system that supports the growth of family businesses.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum recently inaugurated the work of the Centre, to be the entity concerned with ensuring the sustainability and growth of family businesses in the Emirate of Dubai, developing this vital sector, and enhancing its economic contribution.
Family Wealth Center
The Family Wealth Centre is in line with the UAE's efforts to enhance the contribution of family businesses to the national economy, and plays a key role in supporting family businesses to grow across generations.
The center provides an integrated and comprehensive platform for family businesses, enabling them to preserve their legacy and ensure their continuity across generations.
Family businesses are granted credits related to ESG compliance levels and other best practices.
It also gives family businesses access to a trusted network of certified advisors and experts on family business matters, such as succession planning consultants, international legal and tax advice, corporate governance advice and dispute resolution.