Collaboration Between the Dubai Family Business Centre and Emirates NBD
In a move that reflects a strong institutional commitment to enhancing business growth, the Dubai Family Business Centre has signed a memorandum of understanding with Emirates NBD, aimed at supporting family businesses in Dubai and stimulating their sustainable growth. This collaboration represents a strategic direction that seeks to protect the wealth of these companies and transfer their legacy and values to future generations, making the partnership between the Dubai Family Business Centre and Emirates NBD a significant milestone in improving the local business environment.
Goals and Details of the Collaboration
The memorandum of understanding aims to establish a comprehensive framework that facilitates family businesses in protecting their wealth and ensuring the continuity of their operations. The Centre works closely with the Private Banking Division of Emirates NBD to develop effective strategies focused on family business governance and leadership succession planning.
The Centre will also provide the bank’s clients specializing in family businesses with consultations related to developing family charters, as well as creating tailored action plans to facilitate management transitions across generations. These services will include interactive workshops aimed at showcasing best practices in family business governance and successful leadership succession planning.
Integration Between Partners
The cooperation memorandum between the Dubai Family Business Centre and Emirates NBD will enhance education and leadership skills by organizing specialized programs for the bank’s clients. The bank will support clients in developing their knowledge and skills in governance and leadership succession planning, thereby reducing the gap between generations.
Future Vision
Khaled Al-Jarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, stated, “Family businesses are a pivotal part of the economy, making their continued success essential.” He expressed optimism about the collaboration between the Centre and the bank, which reflects fruitful cooperation to promote the growth of family businesses across generations.
Mohammed Al-Bustani, Head of Private Banking Services at Emirates NBD, emphasized the importance of the new partnership in supporting economic growth in line with Dubai’s economic vision. He noted that recent legislation contributes to enhancing the readiness of family businesses, even though estimates indicate that only 20% are managed by the third generation in the Middle East.
The collaboration between the Dubai Family Business Centre and Emirates NBD aims to benefit the economic community by enhancing the ability of family businesses to adapt to economic fluctuations and ensure their continuity and expansion. Thus, the role of these businesses remains pivotal in supporting economic diversification, further strengthening Dubai’s position as a global business hub.