Dubai Chambers launches advisory committee to ensure sustainable growth of family businesses

Dubai Chambers launches advisory committee to ensure sustainable growth of family businesses

DUBAI, 3rd May, 2023 (WAM) – Dubai Chambers has launched a Family Business Advisory Committee to oversee the work of the Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers.

The Committee comprises prominent Dubai family-owned business leaders. The members list includes Dr. Raja Al Gurg, Saeed Saif Al Ghurair, Mohammed Abdulghaffar Hussain, Yahya Saeed Lootah, and Osama Seddiqi, while Osama Seddiqi has been named Chairman of the Family Business Advisory Committee.

The announcement of the Family Business Advisory Committee was made during a recent meeting of the Committee members with Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, to discuss how they can consolidate efforts to support Dubai’s leadership vision for boosting family businesses and maximizing their economic contribution.

The Committee's extensive remit will include administration of the Dubai Centre for Family Businesses; overseeing the Centre's plans, initiatives, and programmes; and ensuring the Centre can cope with the requirements of Dubai's family-owned businesses. This will support family businesses, ensure their continuity, and sustained growth, and will boost their capabilities and operational resilience.

Al Ghurair highlighted the significant role of the Advisory Committee in boosting family businesses in Dubai and overseeing the implementation of initiatives and programs that can strengthen their role in shaping the future of economy in the emirate.

He added that one of the main responsibilities of the Advisory Committee is to align plans of the Dubai Centre for Family Businesses with the needs of family-owned businesses in addition to finding solutions to the challenges they face and ensuring successful transition between generations while applying the highest governance standards that promote family business competitiveness.

He said, "Our main focus in the coming period is to support the interests of our family businesses to ensure their sustainability and continuity. A key focus will be the development of a family-business ecosystem in line with Dubai Economic Agenda(D33) to enhance family businesses' role in shaping the future. The Family Business Advisory Committee, and the wealth of experience its members bring, is a step forward in the right direction to create a favourable environment for the growth of family businesses in Dubai.”

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently issued a decree establishing the Dubai Centre of Family Businesses to foster the sustainability and growth of family businesses in the emirate.

The decree outlines the Centre's responsibilities and authority, which include providing technical and administrative support to family businesses, ensuring their sustainability, smooth generational transition, and preparing a comprehensive strategy to develop and empower Dubai's family businesses and introduce innovative business models, as well as making policy recommendations to encourage the long-term viability and growth of family businesses, including incentives.