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09 January 2024

Dubai Centre for Family Businesses launches a new tool

By E247

The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has launched the Family Business Governance Assessment Tool. The innovative new platform is designed to help family businesses self-evaluate the maturity of key aspects of governance within their organisations and contribute to their sustainable success.

Aimed at supporting family business leaders and owners, the comprehensive self-assessment platform introduces interactive survey tools that enable family businesses to evaluate their existing governance standards and formulate strategies for the implementation of best practices. Developed in alignment with expert insights and evolving regulatory trends, the platform promotes consistently effective approaches to governance that have been adopted by family businesses globally.

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Implementing governance frameworks is a crucial step in achieving effective decision-making and smooth succession that contributes to the continuity of family businesses. With an estimated AED 3.67 trillion in assets expected to be transferred to the next generation in the Middle East over the coming decade, ensuring smooth leadership transitions and strengthening governance are key priorities in preparing family businesses for the future.”

Lootah added: “The launch of the new evaluation tool reaffirms Dubai Chambers’ commitment to boosting the competitiveness of family businesses and ensuring their continuity and sustainable growth.”

The Family Business Governance Assessment Tool helps family businesses develop a roadmap to enhance their governance practices. The tool enables companies to benchmark their performance against other family businesses in Dubai and identify key aspects of governance where improvements are needed. It can also be used at regular intervals to allow family businesses to monitor their progress over time.

The Family Business Governance Assessment Tool can be accessed here

The launch of the tool comes as part of the Dubai Centre for Family Businesses’ drive to raise awareness about the importance of good governance among family businesses in Dubai. Working towards preserving the legacy of family businesses for future generations, the centre has introduced a number of initiatives aimed at supporting the growth and continuity of family businesses in the emirate.

The Dubai Centre for Family Businesses was established to strengthen the family business ecosystem in the emirate, support and nurture the family business community, and enhance its capabilities in line with global developments to unlock sustainable economic growth.