Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, has launched the first Global Family Business and Private Wealth Center in the region and worldwide.
The initiative is in line with the UAE Government’s commitment to support family businesses, which continue to play a prominent role in accelerating the country’s economy. It is estimated that only 20 percent of family businesses are managed by the third generation in the Middle East.
It is crucial to educate those who face challenges related to governance, succession, ownership, wealth, family dynamics and strategy to ensure a solid family business and long-term success.
The launch follows DIFC’s 2030 Strategy objectives, which will enable DIFC to double in size and its economic contribution to Dubai’s GDP. The strategy also supports sustained economic growth and further differentiates Dubai as a global hub for leading financial institutions and businesses.
Essa Kazim Governor – DIFC
“DIFC is pleased to be launching the world’s first Family Business and Private Wealth Centre. The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy. In the next decade, those families and others in the Middle East are expected to transfer $999 billion to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow.”
The Center will bring together global family-owned businesses, ultra-high net worth individuals (UHNWIs) and Private Wealth in one hub to help preserve and grow the sector and provide access to a full range of support services to enable robust legacy and succession planning. The Center is also expected to attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.
Dr. Tarek Hajjiri, appointed CEO of the Global Family Business and Private Wealth Centre, said that “The launch of the Global Family Business and Private Wealth Centre is another key milestone in the development of DIFC’s wealth and asset management sector. In addition, it embodies DIFC’s long-term commitment to offering quality private wealth management services at par with global standards. The new Centre will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”
