Dubai: Dubai International Financial Centre (DIFC) today hosted the official launch of the world’s first dedicated centre for family wealth.
The DIFC Family Wealth Centre will play a significant role in supporting family businesses to achieve growth and prosperity across generations. The newly enacted UAE Family Business Law and DIFC Family Arrangements Regulations will support the DIFC Family Wealth Centre’s activities.
“Dubai recognises the vital role family businesses play in diversifying the UAE’s economy,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC. “As the next generation takes on the responsibility for growing their family wealth, DIFC’s experience and expertise will enhance their ability to achieve their future ambitions.”
DIFC is the first financial centre in the world to create an offering for family businesses at a time when an estimated Dh3.67 trillion in assets will be transferred to the next generation in the Middle East during the next decade.
As part of the offering, the Centre provides certification for family businesses relating to their governance, ESG standards and other practices. Family businesses can access a network of accredited professional advisors who are experts on family business matters such as succession planning; international legal and tax advisory; ESG and sustainability advice; relevant education and leadership programmes; and dispute resolution.