Formation of an Advisory Committee for the Family Wealth Center at DIFC
In a move that reflects its commitment to supporting family businesses, the Dubai International Financial Centre (DIFC) has announced the establishment of a strategic advisory committee for the Family Wealth Center. This initiative aligns with the UAE’s efforts to strengthen families as a fundamental component of society, coinciding with the declaration of the “Year of the Family” and the “National Family Growth Agenda 2031,” which highlight the significant role families play in the economy and society.
Emphasizing the Importance of Family
The DIFC is solidifying its position as the largest framework for family businesses in the country, housing over 1,250 entities. This support is backed by a network of more than 600 partners, including private banks and wealth management firms. Notably, 120 wealthy families based in the center manage assets exceeding $1.2 trillion, reflecting their positive impact on the UAE’s economy.
Strategy of the Advisory Committee
The advisory committee for the Family Wealth Center at DIFC aims to enhance governance and planning to ensure the continued success of family businesses across generations. It also seeks to provide best practices for wealth preservation and access to specialized experts and advisors. The committee will offer training programs and high-quality frameworks designed to serve family entities.
Future Vision of DIFC
Arif Amiri, CEO of the DIFC Authority, emphasized the center’s leadership in supporting family businesses, noting its contribution to community development and family stability. He stated, “Thanks to the efforts of the Family Wealth Center at DIFC, we can enhance Dubai’s position as a preferred destination for family businesses in the region and globally.”
The Family Wealth Center at DIFC embodies the importance of transitioning from a family business to a robust pillar that fosters private wealth management, contributing to the development of a sustainable and thriving business environment.