His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, affirmed that Dubai continues to mould a comprehensive ecosystem to support the growth and sustainability of family businesses and provide the best investment environment to help them thrive. This commitment is in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double Dubai’s economy over the next decade, spurring the emirate to become one of the world’s top three cities in terms of economic impact.
HH Sheikh Maktoum made these remarks as he launched the Dubai Family Business Management Programme, a project of the Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers. The Programme has been launched in partnership with Mohammed bin Rashid Center for Leadership Development.
“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,” HH 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,” he added.
The Dubai Family Business Management Programme aims to empower and develop second-tier management skills among family business leaders, to ensure the continuity of these businesses, effective succession planning, and eventually better governance among family businesses.
Sustainability, core systems in focus
His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, noted: “Family businesses are a key driver of the UAE economy. To this end, the Dubai Family Business Management Programme aims to improve core systems of these family businesses and prepare and qualify their management, taking into consideration the priorities of planning to ensure the sustainability and continuity of family businesses over generations, preserving the family legacy, and strengthening governance to help increase family businesses’ contribution and support for Dubai’s future plans.
“The programme aligns with Dubai’s vision to become a leading hub for family businesses. Its launch will support the sustainability and continuity of Dubai family businesses, allowing their second-tier management a chance to benefit from comprehensive training packages that offer valuable experiences,” he added.
Economic lifeline
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Family businesses are a key partner to Dubai’s plans of comprehensive and sustainable development, and this programme plays a vital role in preparing second-tier competencies capable of boosting business competitiveness in Dubai, further reinforcing its position as a favoured destination for businesses.
“At Dubai Chambers, we strive to provide the ideal environment to nurture and grow businesses. We aim to contribute to supporting family business second-tier management, help them adopt governance structures to ensure their sustainability and set Dubai’s inspiring example of supporting family businesses,” he added.
Promoting social responsibility
A group of second-tier management members will join the programme, which aims to enhance their global profile, raise their awareness of local and international regulations, enhance corporate governance and sustainability systems, develop global trade strategies and investments, and promote a culture of social responsibility in family businesses.
The Programme will help achieve Dubai Economic Agenda (D33) objectives by preparing second-tier business competencies who will contribute to enhancing competitiveness and ensuring sustainable development by utilising Dubai’s strategic and unique location and its advanced infrastructure to remain the destination of choice for major global businesses.
Inspiring positive change
The Mohammad bin Rashid Center for Leadership Development aims to nurture innovative minds capable of facing future challenges, envisioning the future and making it a reality. It adopts the best international practices for training leaders and equipping them with local and international skillsets.
The Dubai Centre for Family Businesses, working under the umbrella of Dubai Chambers, is responsible for ensuring the growth and sustainability of Dubai family businesses, developing this vital sector and enhancing its economic contribution. The Centre is tasked with developing an integrated strategy to support and grow family businesses and their ownership in the emirate.
By WAM