Dubai family businesses get new support framework through Emirates NBD partnership
Under the MoU terms, the centre will collaborate with Emirates NBD's Private Banking division to develop and integrate a framework of functions to help businesses preserve their family wealth, legacy and values for future generations.
This includes support in family business governance and succession planning.
'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,' Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers said.
'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,' AlJarwan added.
The centre will offer advisory services to the bank's family business clients, including governance maturity assessment, the development of family charters and family office structure to ensure 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.
These programmes are designed to enhance knowledge and skills in governance, succession planning, and business continuity.
The agreement encompasses the organisation of workshops by the centre for Emirates NBD clients focusing on topics including practices in family governance, succession planning, and family office structures. Experts from Emirates NBD will also participate in the centre's events.
'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,' Mohammad Al Bastaki, Group Head of Private Banking at Emirates NBD said.
'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 per cent of family businesses in the Middle East are managed by the third generation,' Al Bastaki added.
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