The Dubai International Financial Centre (DIFC) has launched a Global Family Business and Private Wealth Centre, it said on Monday.
Set to become operational on September 1, 2022, the centre 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 centre is also expected to attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.
Operating independently, the centre’s remit will include providing advisory and concierge services; education and training; outreach and high-end networking; undertaking research and issuing publications, and providing dispute resolution assistance. Additionally, accreditation will be granted to businesses and advisors in alignment with DIFC’s rigorous standards.
DIFC is the first financial centre in the world to create a unique offering at a time when an estimated $1 trillion in assets will be transferred to the next generation in the Middle East during the next decade.
The initiative aligns with the UAE government’s commitment to support family businesses, which continue to play a prominent role in accelerating the growth of the country’s economy. It is estimated that only 20 per cent of family businesses are managed by the third generation in the Middle East.
Essa Kazim, Governor of DIFC, said: “Aligning with the UAE government’s commitment to helping family businesses play a prominent role in our society, 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.”
Dr. Tarek Hajjiri, appointed CEO of the new centre, added: “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.”