Dubai introduces new programme to further support family businesses

Dubai has introduced a new programme aimed at sustaining family businesses, a crucial part of the local economy.

It was revealed by Sheikh Maktoum Bin Mohammed, Deputy Ruler, Prime Minister, and Minister of Finance.

The new programme—Dubai Family Business Management Programme—is aimed to empower new family businesses in a bid to ensure continuity and generational changes, as per a statement on Zawya. It was jointly launched by Dubai Centre for Family Businesses, in partnership with Mohammed Bin Rashid Centre for Leadership Development.

“Family businesses are integral to Dubai’s economic success, and by empowering them, we strive to achieve the goals outlined in economic cities globally,” the deputy ruler said on X, formerly known as Twitter. 

As per the UAE Ministry of Economy 90% of private sector companies are family-owned, with over 70% of workers employed in family businesses. In Dubai, family firms contribute 40% of the GDP.

Dubai Chambers President and CEO Mohammad Ali Rashed Lootah emphasised the importance of family-run businesses in Dubai's sustainable development plans. He highlighted the management program's role in preparing second-tier competencies, enhancing Dubai's competitiveness and making it a preferred business destination.

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Dubai Chambers launched the Dubai Centre for Family Businesses to educate family-owned companies on leadership transition, succession planning, and growth.

“This 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 also said in a statement.