Agreement to Help Family Businesses Protect Their Wealth
In a strategic move aimed at supporting family businesses in Dubai and enhancing their sustainability, the Dubai Family Business Center, part of the Dubai Chamber, signed a Memorandum of Understanding with Emirates NBD. This agreement is part of joint efforts to develop comprehensive solutions that can help these businesses protect their wealth and pass on their valuable legacy through future generations.
Comprehensive Framework to Support Family Businesses
The Memorandum of Understanding seeks to achieve effective collaboration between the center and the Private Banking Division at Emirates NBD. This collaboration includes developing a comprehensive framework to assist family businesses in protecting their wealth, with a focus on corporate governance and succession planning. This effort will contribute to enhancing the sustainability and long-term growth of these businesses.
Specialized Consultations and Customized Action Plans
Through this agreement, the Dubai Family Business Center will provide specialized consulting services to the bank’s family business clients, including the development of family charters and creating tailored action plans to facilitate smooth management transitions across generations. This integration of financial and administrative aspects helps ensure business continuity and protection from future challenges.
Enhancing Leadership Skills
Emirates NBD will support its clients in engaging in leadership skills development programs overseen by the Dubai Family Business Center. These initiatives aim to enhance the knowledge and skills of family businesses in governance and succession planning, ensuring their continued operations and success in facing economic changes.
Shared Commitment to Growth and Prosperity
Speaking about this partnership, Khalid Al Jarwan, Vice President of Commercial and Institutional Services at the Dubai Chamber, stated, “Family businesses play a pivotal role in the development journey. Their continued success is a fundamental pillar of sustainable growth.” He noted that these initiatives reflect their shared commitment to stimulating the growth of family businesses across generations, ensuring they have a competitive work environment of high quality.
For his part, Mohammed Al Bastaki, Head of Private Banking at Emirates NBD, emphasized the importance of strengthening the family business ecosystem, pointing out that “this sector is a key contributor to GDP growth.” He explained that implementing regulatory adjustments would have positive impacts on the sustainability of family businesses and their ability to continue in the market.
This agreement represents a positive step towards supporting family businesses in Dubai, enabling them to protect their wealth and ensure business continuity by building strong foundations in governance and leadership planning. Such initiatives enhance these businesses’ ability to adapt to economic changes, contributing to long-term growth.