RIYADH: Dubai has introduced an initiative aimed at empowering the next generation of leaders in family-owned businesses, a vital component of the UAE’s local economy. The announcement was made by Sheikh Maktoum bin Mohammed, first deputy ruler of Dubai, deputy prime minister and minister of finance of the UAE, on Tuesday.
The Dubai Family Business Management Program is designed to empower the future leaders within family businesses, ensuring their sustained success and effective navigation through generational transitions.
Emphasizing the program’s goals, Sheikh Maktoum said: “As part of the Dubai Centre for Family Businesses activities and in partnership with Mohammed Bin Rashid Center for Leadership Development, we launched the Dubai Family Business Management Program.”
He added that the move aims to empower the second tier of leaders in family businesses to ensure their continuity, smooth succession of ownership and management, and strengthen their global presence.
On the X platform, formerly Twitter, he further emphasized the integral role of family businesses in Dubai’s economic success. He expressed that by empowering them, the country strives to achieve the goals outlined in Dubai’s economic agenda D33, positioning Dubai among the world’s top economic cities.
Highlighting the significance of family businesses to Dubai’s economic prosperity, Sheikh Maktoum added: “Family businesses are integral to Dubai’s economic success, and by empowering them, we strive to achieve the goals outlined in economic cities globally.”
He pointed out that the program is an extension of a series of other initiatives and plans aimed at supporting family businesses, whose success indicates the growth of Dubai’s business community, often regarded as the backbone of the economy, as family-owned companies play a substantial role in the UAE’s private sector.
According to a report by the UAE Ministry of Economy, approximately 90 percent of the country’s private sector companies are family-owned, employing over 70 percent of private sector workers, contributing 40 percent to the emirate’s gross domestic product.
Earlier this year, Dubai Chambers inaugurated the Dubai Centre for Family Businesses, an institution focused on providing education and guidance regarding leadership transitions, succession planning, and growth strategies for family-owned enterprises.
Commenting on the announcement, Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, said that family-run businesses are a ‘key partner’ of Dubai’s plans of comprehensive and sustainable development, adding that the program plays a vital role in preparing second-tier competencies capable of boosting business competitiveness in Dubai.