His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Centre (DIFC), affirmed that Dubai recognizes the vital role family businesses play in enhancing the country’s economic diversification. Future generations bear the responsibility of developing their family wealth, noting that the DIFC possesses the financial capabilities and expertise to enable these generations to achieve their future aspirations. His Highness affirmed that this exceptional expertise will enable family businesses in Dubai to achieve their future ambitions by continuing to support economic development and creating positive leaps through the creation of more job opportunities.
This came as the DIFC, the leading international financial hub in the Middle East, Africa, and South Asia region, hosted the inaugural event to announce the launch of the world’s first dedicated family wealth management center. The event was held during an exclusive meeting of high-net-worth individuals and private wealth holders, along with family businesses, wealth and fund managers, private banks, and leading advisors.
In line with the UAE’s efforts to enhance the contribution of family businesses to the national economy, the new center will play a pivotal role in supporting family businesses to achieve growth and prosperity across generations. The new Federal Family Business Law and the new Rules and Procedures regulating family businesses in the DIFC will further support related activities, led by the DIFC Family Wealth Center.
The event, which was limited to a select group of stakeholders in this field, focused on discussing the future of family businesses and private wealth. It included a keynote address by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, highlighting the growth opportunities for family businesses and the support they need to enhance their capabilities.
In his speech, His Excellency Bin Touq emphasized that the launch of the Family Wealth Center at the Dubai International Financial Centre (DIFC) embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to preserve and sustainably develop this vital sector. It also aligns with the UAE’s initiatives supporting the growth of family businesses and attracting high-net-worth individuals. He explained that the UAE government will continue to intensify its efforts to support family businesses as key partners in the country’s sustainable development over the next fifty years, contributing to attracting more global wealth to the country through this promising economic model. On the sidelines of the event, a panel discussion hosted a group of specialists focused on the key factors contributing to the flow of family wealth to the UAE and how to enhance the sustainability of family businesses amidst global changes. The panelists included Her Excellency Aisha Mohammed Saeed Al Mulla, Member of the Federal National Council and Board Member of Al Mulla Holding Group; His Excellency Dr. Ahmed Hassan Bin Al Sheikh, General Manager of Hassan Bin Al Sheikh Factories Group; Essam Al Tamimi, Chairman of Al Tamimi & Company; Chuck Long, Global Head of Family Business at BNY Mellon Wealth Management; Mishal Kanoo, Chairman of the Kanoo Group; Amin Nasser, Senior Family Business Advisor at PwC Middle East; Dr. Tariq Al Hujairi, Chief Executive Officer of the Family Business Centre at the Dubai International Financial Centre (DIFC); and Alistair Glover, Chairman of Step Arabia and Partner and Head of Private Wealth in the Middle East at Trowers & Hamlins.
A Pivotal Role
His Excellency Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), welcomed the attendees, saying: “Family businesses play a pivotal role in many of the world’s economies, contributing 60% of the region’s GDP and employing 80% of the workforce. The DIFC Family Wealth Centre was established to enhance the contribution of these businesses to the national economy and other economies around the world. As the first of its kind in the world, the Centre will become a global reference, providing an integrated framework for family businesses and their supporting partners.”
Exceptional Expertise
Arif Amiri, Chief Executive Officer of the Dubai International Financial Centre Authority, said: “The Dubai International Financial Centre (DIFC) is distinguished by its exceptional expertise and superiority in the region, in supporting and empowering regional and global family businesses, including high-net-worth individuals and private wealth holders. The DIFC Family Wealth Centre provides an integrated platform for family businesses to preserve their legacy and ensure continuity across generations. The positive response to today’s inaugural event is an important indicator of the pivotal role the DIFC Family Wealth Centre plays, as part of DIFC’s long-term commitment to providing highly efficient services that meet global standards in private wealth management.”
DIFC is the first financial centre in the world to provide this type of support to family businesses, with these businesses expected to transfer assets valued at approximately AED 3.67 trillion (USD 1 trillion) to the next generation in the Middle East over the next ten years.
The center also awards family businesses accreditations for their levels of compliance with environmental, social, and governance (ESG) practices and other best practices. It also provides family businesses access to a trusted network of certified advisors and experts in family business matters, such as succession planning advisors; international legal and tax advice; sustainability and ESG advice; education and leadership programs; and dispute resolution.
Recognizing the need for families to dedicate their time and efforts to developing their businesses, the DIFC Family Wealth Center provides concierge and assistance services to facilitate and simplify procedures.
Family businesses regulated in the new center benefit from their presence within the largest integrated financial ecosystem in the region, offering exceptional benefits and integrated services, including general legal frameworks, legislative and legal infrastructure, and a flexible set of business organizational structures.
