DIFC Dubai Launches Initiative For Family Business Succession And Longevity - Smart Zones® UAE

DIFC Dubai Launches Initiative For Family Business Succession And Longevity

The Dubai International Financial Centre (DIFC) recognized the increasing demand for support among family businesses and spearheaded several initiatives in early 2023. This commitment was further solidified with the recent launch of a specialized program in collaboration with MIT Sloan Executive Education and the DIFC Academy.

Titled “Sustaining Family Business Success,” the intensive program (June 24-26, 2024) equips participants with the knowledge and strategies to navigate both regional and global expansion while staying true to family values. Participants will gain valuable insights into building future-proof enterprises that can thrive across generations, earning a prestigious MIT Sloan certificate upon completion.

Recognizing the critical need for adaptability in today’s dynamic landscape, DIFC Chief Strategy Officer Christian Kunz emphasizes Dubai’s ideal position as a hub for family businesses. “Our vibrant ecosystem, strategic location, and dedication to innovation create a unique offering,” he states, highlighting the blend of global opportunities and a supportive environment conducive to growth.

With only 20% of Middle Eastern family businesses reaching the third generation, this program aims to empower and ensure their longevity, contributing significantly to the UAE’s economic prosperity. MIT Sloan’s Faculty Director John Davis echoes this sentiment, stressing the need for redefined stewardship and building agility for long-term success. He emphasizes that “the traditional model of simply preserving family legacy is no longer sufficient. Building a future-oriented and adaptable enterprise, while generating diverse value streams aligned with family values, represents the new paradigm for success.”

The program incorporates six key pillars designed to address critical challenges faced by family businesses: Future Vision, Managing Turbulence, Governance, Talent, Succession, and Multigenerational Success. This comprehensive approach aligns with DIFC’s ongoing commitment to supporting family businesses, exemplified by initiatives like the Family Wealth Centre and Family Arrangements Regulations. These resources provide dedicated services, legal frameworks, and support structures to help families preserve their legacies across borders and generations.

By launching these initiatives, DIFC demonstrates its proactive approach to empowering family businesses and fostering their sustainable growth within the region’s dynamic economic landscape.


Publish 12 Feb 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubais-difc-launches-new-initiative-to-boost-succession-planning-longevity-of-family-businesses

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