2023-07-24 03:38:01
Dubai: Dubai with various schemes to encourage family businesses. 90 percent of the emirate is owned by private companies and families. A very strong presence in the state’s economy, these businesses are increasingly thriving in a rapidly changing global financial landscape. Plans are being implemented to help people go. Family businesses benefit from the emirate’s geographical location, business friendly environment, modern infrastructure and financial strength. Dubai Media Office informed that it is becoming the most suitable place.
Abdul Aziz Al Gu, Chairman of Dubai Chambers, will bring due diligence and necessary regulations to encourage family businesses. Earlier, the Department of Economic Affairs stated that family businesses contribute 40 percent of Dubai’s gross domestic product. It was clear in the report. 70 percent of the workforce in the private sector comes under these businesses. Real Estate, Construction, Retail-Wholesale, Hospitality, Tourism, Agriculture, Financial Services, Healthcare, Education, Vocational Education Family businesses are a lively presence in all these sectors.
However, such businesses are faced with emerging areas of digitalization, cultural issues, and governance and succession planning. There are also festivals. The authorities aim to provide the necessary assistance and regulations to face such challenges. Months ago, Dubai Chambers formed a special organization called the Dubai Center for Family Businesses aimed at helping family businesses. It was close. It aims to provide necessary guidance to businesses in matters such as leadership change, succession planning and growth.
This month, the Center is expected to issue guidelines to help streamline the entitlement process. In the following years, the US, UK, Luxembourg, Switzerland, France, Italy, Singapore, and Hong Kong began adopting such regulations. The authorities also expect local family businesses to move to Dubai.
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