Dubai: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, launched the Dubai Family Business Management Programme on Tuesday.
A project of the Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, the programme has been launched in partnership with Mohammed bin Rashid Center for Leadership Development.
The programme aims to empower and develop second-tier management skills among family business leaders, to ensure the continuity of these businesses, effective succession planning, and eventually better governance among family businesses.
The programme will also help achieve Dubai Economic Agenda (D33) objectives by preparing second-tier business competencies who will contribute to enhancing competitiveness and ensuring sustainable development by utilising Dubai’s strategic and unique location and its advanced infrastructure to remain the destination of choice for major global businesses.
Launching the initiative, Sheikh Maktoum affirmed that Dubai continues to mould a comprehensive ecosystem to support the growth and sustainability of family businesses and provide the best investment environment to help them thrive.
“The programme is an extension of a series of programmes and plans aimed at supporting family businesses, whose success indicates the growth of Dubai’s business community,” Sheikh Maktoum said.
“The Dubai Family Business Management Programme is a step ahead to ensure the sustainability and continuity of family businesses over generations and is a reflection of our belief that sustainable investment at its core is based on advancing human capabilities and management competence,” he added.
Applications to register for the Dubai Family Business Management Programme can be submitted via the Mohammed bin Rashid Center for Leadership Development website (http://www.mbrcld.ae).
Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, noted: “Family businesses are a key driver of the UAE economy. To this end, the Dubai Family Business Management Programme aims to improve core systems of these family businesses and prepare and qualify their management, taking into consideration the priorities of planning to ensure the sustainability and continuity of family businesses over generations, preserving the family legacy, and strengthening governance to help increase family businesses’ contribution and support for Dubai’s future plans.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Family businesses are a key partner to Dubai’s plans of comprehensive and sustainable development, and this programme plays a vital role in preparing second-tier competencies capable of boosting business competitiveness in Dubai, further reinforcing its position as a favoured destination for businesses.
The programme aims to enhance the global profile of the second-tier management members, raise their awareness of local and international regulations, enhance corporate governance and sustainability systems, develop global trade strategies and investments, and promote a culture of social responsibility in family businesses.