Business setup in Dubai has been the hype for decades – and for all the right reasons. Those having spent their time building their businesses have gained much from the city. For such locals and residents, Dubai has initiated a special offering. The city’s leading financial and innovation destination, Dubai International Financial Centre (DIFC) has recently announced the exciting launch of a centre that will be specifically dedicated to individuals with an ultra-high net worth as well as to family businesses with the aim to support them long-term. The Global Family Business and Private Wealth Centre has come forth at a brilliant time. An estimated AED 3.67 trillion is said to be transferred onto the next generation in assets within the next decade. Through a centre of this sort, family businesses and UHNWIs will benefit massively from the services offered.
The center is set to be launched on the 1st of September 2022, after having obtained approvals from concerned authorities such as the DIFC Authority Board of Directors.
#DIFC is pleased to announce the launch of the Global Family Business and Private Wealth Centre.
The Centre will provide a full range of services to enable robust foundations & improve succession planning as businesses move onto future generations. https://t.co/gecIi6mkA7 pic.twitter.com/troZ6RtCyo
— DIFC (@DIFC) August 8, 2022
Studies suggest that merely 20% of family businesses established in the Middle East currently are run by the third generation. While this could be the case for several reasons, the Global Family Business and Private Wealth Centre aim to increase these numbers by educating businesses about ownership, governance, wealth, family dynamics, and strategy to ensure the family business remains well-intact and successful.
Business Setup Offerings
By bringing together UHNWIs, family-run businesses, and private wealth under one roof, the centre will work towards preserving the sector. The centre will surely be catching the eyes of all sorts of global businesses. Alongside, it aims to attract them in obtaining a business license in Dubai enabling a presence in the city.
As mentioned on DIFC’s website, ‘The Centre’s extensive remit will include providing advisory and concierge services; education and training; outreach and high-end networking; undertaking research and issuing publications and providing dispute resolution assistance. Additionally, accreditation will be granted to businesses and advisors in alignment with DIFC’s rigorous standards. This will provide confidence to family businesses and wealthy individuals. Specifically, those who need to leverage the expertise of a range of partners to make strategic decisions.
DIFC’s 2030 objectives
This initiative is a part of DIFC’s 2030 strategy. The objectives within have been formulated to benefit both DIFC and Dubai’s economy. The 2030 strategy will allow DIFC to double in size and increase its contribution to the economy of Dubai. It will also help in establishing DIFC as a leading financial hub.
Dr. Tarek Hajjiri, CEO of the Global Family Business and Private Wealth Center shared, “The launch of the Global Family Business and Private Wealth Centre is another key milestone in the development of DIFC’s wealth and asset management sector. Our role is crucial to ensure the long-term growth of family businesses.”
It is exciting to see the sort of change an initiative of this sort will bring to the city. With an abundance of consultancies that provide business setup services, it is likely that more similar steps in this direction will be taken to benefit business owners in the city.