Dubai introduces three consultative services for Family Businesses at its Centre
The Dubai Centre for Family Businesses, a division of Dubai Chambers, has announced the launch of three new specialised advisory services designed to support the sustainable growth of family-owned enterprises in Dubai. These services focus on governance strengthening, succession planning, and sustainable growth strategies, aiming to enhance the future readiness of family businesses and prepare them for the evolving economic landscape.
Enhancing Governance and Decision-Making Processes
The first service, the Current-State Assessment & Family Constitution Review, offers an in-depth evaluation of a family business's current governance framework. This service includes a thorough review of existing Family Constitutions, using the centre's automated Family Business Governance Assessment Tool to evaluate the maturity of their governance processes. The service aims to identify gaps and risks, encourage alignment among stakeholders, and provide tailored recommendations for enhanced governance and long-term growth.
Facilitating Effective Succession Planning
The second service, Family Constitution Drafting, provides a strategic roadmap for family businesses, outlining policies, governance structures, and decision-making processes crucial for long-term sustainability. This service assists in drafting vital documents, drawing insights from interviews with family members and key stakeholders. The service helps families define their specific objectives, the range of services it will provide, and the necessary staffing requirements.
Promoting Sustainable Growth Strategies
The third new service offered by the Dubai Centre for Family Businesses is the Family Office Blueprint service. This service aims to define roles and responsibilities, formalise shared vision and values, foster open dialogue, and establish clear rules to prevent future conflicts. The Family Office Blueprint service clarifies the purpose, scope, and strategic goals of a Family Office, ensuring alignment and buy-in from all family members. The service designs a document that captures the collective vision and values of the family, along with clear nomination, eligibility criteria, and decision-making processes relevant to the governing bodies.
Workshops and Wealth Management Services
In addition to these services, the Dubai Centre for Family Businesses facilitates workshops to enhance understanding of Family Offices. The service also explores the full range of services for wealth management and legacy planning. The initiative aims to strengthen the governance of family-owned enterprises, enhancing their future readiness and enabling them to navigate the evolving economic landscape.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated that family businesses are a vital engine of growth, diversification, and innovation within Dubai's economy. The centre aims to strengthen the competitiveness of family businesses by safeguarding their interests, streamlining operations, and investing in leadership development for long-term sustainability.
These new services are part of the Dubai Centre for Family Businesses' ongoing commitment to enhancing the economic contribution of family businesses in support of Dubai's future development plans. The centre will continue to provide valuable resources and support to family-owned enterprises as they strive for sustainable growth and long-term success.
[1] Dubai Centre for Family Businesses. (2022). Press Release: Dubai Centre for Family Businesses Launches Three New Advisory Services. Retrieved from www.dcfb.ae/news
[2] Dubai Chambers. (2022). Dubai Centre for Family Businesses Introduces Three New Advisory Services. Retrieved from www.dubaichambers.com/news
[3] Khaleej Times. (2022). Dubai Centre for Family Businesses Launches Three New Advisory Services. Retrieved from www.khaleejtimes.com
- The new advisory services by Dubai Centre for Family Businesses focus on news related to the sustainable growth of family-owned enterprises in Dubai, particularly in the areas of governance strengthening, succession planning, and sustainable growth strategies, as outlined in their press release.
- In the finance industry, the Current-State Assessment & Family Constitution Review service helps family businesses in Dubai evaluate their governance framework, identify gaps and risks, and provide tailored recommendations, aiming to enhance their financial future readiness.
- The Business section of various publications, including Khaleej Times, has reported on the Dubai Centre for Family Businesses launching three new specialised advisory services, one of which is the Family Office Blueprint service, designed to promote sustainable growth strategies by defining roles, responsibilities, and decision-making processes in Family Offices.
