Dubai issues new guidelines for family businesses

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Dubai Chambers is committed to boosting the competitiveness of family businesses

The Dubai Centre for Family Businesses which was developed as an integrated system under the directive of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued new guidelines for family-owned companies in Dubai.

The new set of governance guidelines aims to support family businesses to develop frameworks that will ensure a smooth succession process and continuity of the businesses.

Dubai’s integrated family business guidelines

The guidelines are based upon international best practices that have been adapted towards local needs, as part of a comprehensive project that is being implemented in collaboration with Dubai Chamber of Commerce and the Government of Dubai.

The guidelines constitute of advice on the value of developing a Family Constitution, practical tips, insights, tools and more.

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers said: “The issuance of the new family business governance guidelines represents another important step forward in ensuring the sustainability, growth, and continuity of family businesses in Dubai. The principles outlined provide a comprehensive and integrated vision that will help companies develop effective strategies for a smooth transition of leadership between successive generations and promote the concept of sound governance.”

Family-owned businesses in Dubai make up a majority of the sector with significant contributions to the country’s non-oil economy.

 

Source: ArabianBusiness

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Muhammad Fadel,

Managing Partner, Strategy & Complexity

“Potentially originating from a dozen+ causes, conflict is unavoidable in Family Businesses and, if not properly resolved, may end up with a total destruction of the business. Need expert Family Business conflict resolution advisory? Better Ask Handle!”

Ikhlas Thabet,

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Mohamed Abu El-Makarem,

Principal Advisor & CEO

“The legal intricacies on UAE’s Family Businesses add more and more pressures on the overall Family Business performance and threatens sustainability. Need expert Family Business legal advisory? Better Ask Handle!”

Mohamed El Murshidi,

Legal Managing Partner

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