Dubai Centre for Family Businesses, Emirates NBD to support family businesses
DUBAI (WAM) The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has signed a Memorandum of Understanding with Emirates NBD to enhance support for family businesses in Dubai and promote their sustainable long-term growth.Under the terms of the MoU, the centre will collaborate with the Private Banking division at Emirates NBD to develop and integrate a framework of key functions to help businesses preserve their family wealth, legacy, and values for future generations. This includes support in areas such as family business governance and succession planning.The centre will also offer tailored advisory services to the bank's family business clients, including governance maturity assessment, the development of family charters and family office structure to ensure smooth generational transitions.According to the MoU, Emirates NBD will encourage its family business clients to participate in leadership development programmes organised by the Dubai Centre for Family Businesses, which are designed to enhance knowledge and skills in governance, succession planning, and business continuity.The agreement also encompasses the organisation of specialised workshops by the centre for Emirates NBD clients, focusing on key topics including best practices in family governance, succession planning, and family office structures. Experts from Emirates NBD will also participate in the centre's events.Vice President of Commercial and Corporate Services at Dubai Chambers, Khalid AlJarwan, commented, 'Family businesses play a pivotal role in driving economic development, and ensuring their continued success is vital to sustainable growth. This collaboration between the Dubai Centre for Family Businesses and Emirates NBD reflects our shared commitment to supporting the long-term growth of family enterprises across generations by equipping them with the tools they need to thrive and enhance their competitiveness both locally and globally.'AlJarwan added, 'We are committed to supporting family businesses in adopting best practices in governance, succession planning, and next-generation skills development. This helps to strengthen their resilience and adaptability in an evolving economic landscape. We remain focused on building strategic partnerships to offer holistic solutions that support the continuity and expansion of family businesses, which are key to economic diversification and cementing Dubai's position as a global business hub.'Group Head of Private Banking at Emirates NBD, Mohammad Al Bastaki, said, 'Emirates NBD is pleased to collaborate with the Dubai Centre for Family Businesses to strengthen the emirate's family-owned business ecosystem. This sector plays a vital role in driving GDP, and our new partnership solidifies Emirates NBD's commitment to economic growth in line with the Dubai Economic Agenda.'
Al Bastaki added, 'The recent introduction of various regulatory and legislative changes across the UAE has positively enabled family businesses to be better prepared for succession. However, it is estimated that only 20% of family businesses in the Middle East are managed by the third generation.'
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