In cooperation between the Family Wealth Center at Dubai International Financial and the Sloan School of Management
Launching the “Sustaining the Success of Family Businesses” program
The Family Wealth Center at the Dubai International Financial Center announced its cooperation with the Sloan School of Management, affiliated with the Massachusetts Institute of Technology, to offer the executive education program “Sustaining the Success of Family Businesses,” the first of its kind in Dubai, in cooperation with the DIFC Academy. With the aim of providing family businesses in the center and the region in general with world-class academic education to support the success of family businesses across generations.
This cooperation follows a series of initiatives led by the Dubai International Financial Centre, to ensure that family businesses continue to innovate and prosper and ensure the successful succession of their management.
The new program provides new insights and perspectives to help family businesses achieve further growth in Dubai and beyond. It reviews the opportunities, challenges, trends and strategies necessary to succeed in leading family businesses across multiple generations, while participants will receive a Sloan School of Management certificate once they complete the program.
The new executive education program revolves around six basic pillars: future vision, managing disruption, governance, talent, management succession, and achieving success across generations. This initiative is consistent with the UAE government's commitment to supporting family businesses that continue to contribute to the national economy.
It is estimated that only 20% of family businesses are run by the third generation in the Middle East, and therefore, it is essential to provide the next generation of these business leaders with a world-class education to ensure the long-term success of their businesses.
Faculty Director at Sloan School of Management, John Davis, said, “Today’s changing global landscape requires family business owners to adopt new visions of the concept of good supervision of these companies, as the traditional view of supervision, which was represented by caring for the company’s interests and passing them from one generation to another, did not It is suitable for today’s world, and the new model for the success of family businesses is based on building a flexible institution to face the challenges of the future and provides multiple types of purposeful values in line with the priorities of family businesses.”
For his part, Christian Kunz, CEO of Strategy, Innovation and Projects at the DIFC Authority, said: “The DIFC, and Dubai in general, is an ideal center for the prosperity of family businesses due to its dynamic business system, strategic location, and firm commitment to adopting innovation. “This provides a unique combination of global opportunities and a favorable investment environment to support the growth and success of family businesses.”
It is noteworthy that the Dubai International Financial Center launched the “Family Wealth Center” in March 2023, which is the first financial center in the world to provide this type of support to family companies within the expectation that these companies will transfer assets valued at approximately 3.67 trillion dirhams ($1 trillion) to the next generation. in the Middle East during the next 10 years.