In an effort to promote the sustainability of family businesses and their role in bolstering the national economy, Abu Dhabi hosted a seminar titled “Beyond Legacy: Sustainability of Family Businesses in the UAE.” This event was organized by Habib Al Mulla & Partners in collaboration with the Ministry of Economy and the Abu Dhabi Family Business Council, aiming to highlight the significance of corporate governance and long-term planning to ensure sustainable transitions across generations.
Key participants included Abdullah bin Touq Al Marri, the Minister of Economy and Tourism, Shams Ali Khalfan Al Dhaheri, the second vice-chairman of Abu Dhabi Chamber and managing director, Khaled Abdul Karim Al Fahim, chair of the Abu Dhabi Family Business Council and board member of the chamber, and Masood Rahma Al Masoud, vice-chair of the Abu Dhabi Family Business Council and treasurer of the chamber. The event also saw contributions from Aaliya Habib Al Mulla, head of the Commercial Disputes Department at Habib Al Mulla & Partners, along with a select group of family business leaders and legal and economic experts.
This seminar follows the success of the first edition of “Beyond Legacy” held in Dubai, which was also organized by Habib Al Mulla & Partners. It serves as a continuation of ongoing national efforts aimed at fostering a culture of corporate governance, supporting the sustainability of family businesses, and enabling them to maintain their crucial role in diversifying the economy and enhancing competitiveness, in line with the long-term goals of the UAE’s economic vision.
The seminar featured a keynote address from Abdullah bin Touq Al Marri, who discussed the role of supportive economic policies and legislation in fostering the sustainability of family businesses and contributing to the achievement of the UAE Vision 2031.
Additionally, the event included two main panel discussions, the first focusing on the legal frameworks and corporate governance related to family businesses, while the second highlighted practical experiences, success stories, and challenges associated with implementing governance, transitioning from traditional management to institutional, ensuring generational succession, and developing family constitutions and charters.
Minister Abdullah bin Touq Al Marri emphasized that the UAE recognizes family businesses as a key driver for the growth and sustainability of the national economy and supports the country’s shift towards a future economy based on knowledge and innovation. To this end, the Ministry of Economy and Tourism has worked alongside government entities and family businesses to formulate comprehensive legislation for family business governance to ensure their continuity across generations, namely the Federal Law No. 37 of 2022 pertaining to family businesses.
The minister outlined that four ministerial decisions have been issued to establish a unified registry for family businesses, currently comprising over 18 family enterprises. This also includes organizing the family business charter, the mechanisms for family businesses to buy back their shares, and the issuance of multiple classes of shares by family businesses, all of which contribute to creating a sustainable legislative environment that guarantees the growth of family businesses and ensures their regional and global leadership.
Shams Ali Khalfan Al Dhaheri remarked that the chamber continues its role as a key player in supporting the sustainability of family businesses. He noted that establishing effective governance models enhances investor confidence, supports the competitiveness of the private sector, and aligns with Abu Dhabi’s shift towards a knowledge-based and innovative economy.
Khaled Abdul Karim Al Fahim stated that family businesses are essential partners in the economic development journey of both Abu Dhabi and the UAE. The Abu Dhabi Family Business Council, under the Abu Dhabi Chamber, is dedicated to supporting best governance practices, enhancing strategic planning, and ensuring generational succession to maintain the sustainability and protect the economic and social legacy of these businesses in the long term.
Masood Rahma Al Masoud added that investing in the next generation of family business leaders is vital to sustaining this system. The council aims to provide knowledge-sharing platforms that enhance awareness of the importance of governance and early corporate planning.
In her closing remarks, Aaliya Habib Al Mulla emphasized that the seminar represents a significant step toward establishing a comprehensive national dialogue on the future of family businesses in the UAE. She noted that the sustainability of family legacies is not achieved by chance but through a clear vision, a robust family charter, and early institutional planning that balances the interests of different generations. She expressed pride in collaborating with the Ministry of Economy, the Abu Dhabi Chamber, and the Abu Dhabi Family Business Council in an initiative that contributes to realizing the leadership’s vision for a diverse and sustainable economy.