The Dubai Family Business Centre, operating under the Dubai Chamber, has signed a memorandum of understanding with Emirates NBD to promote the support and sustainable growth of family businesses in Dubai.
The agreement enables the Centre to collaborate with the Private Banking division of Emirates NBD to create a comprehensive framework aimed at assisting family businesses in safeguarding their wealth and passing on their legacy and values to future generations. This includes family business governance and leadership succession planning.
Additionally, the Centre will provide specialized consulting services to the bank’s family business clients on governance matters, which includes the development of family charters and tailored action plans to ensure smooth management transitions across generations.
As part of the memorandum, Emirates NBD will encourage its clients to participate in leadership development programs organized by the Dubai Family Business Centre, thereby enhancing their knowledge and skills in governance, succession planning, and business continuity.
The memorandum also outlines that the Dubai Family Business Centre will hold dedicated workshops for Emirates NBD clients to explore methods for advancing family business governance, succession planning, family office structures, and other related topics. Experts from Emirates NBD will take part in the Centre’s events.
According to Khalid Al-Ghrouan, Vice President of Commercial and Corporate Services at Dubai Chamber, family businesses are crucial to economic development, and their sustained success is essential for ongoing growth.
He noted that the collaboration between the Dubai Family Business Centre and Emirates NBD reflects a mutual commitment to fostering the growth of family businesses through generations by providing the necessary support to ensure their long-term prosperity and enhance their competitiveness both locally and globally.
The bank is dedicated to encouraging family businesses to adopt best practices in governance, leadership succession planning, and developing the skills of future generations. This initiative aims to enhance their resilience and ability to adapt to changing economic conditions, while also focusing on developing new strategic partnerships to provide integrated solutions that support the sustainability and expansion of these businesses, thus strengthening Dubai’s position as a global business hub.
Meanwhile, Mohammed Al-Bustaki, Head of Private Banking at Emirates NBD Group, emphasized that this new partnership underscores the bank’s commitment to supporting economic growth in line with Dubai’s economic agenda.
He added that recent regulatory and legislative changes in the UAE are aiding family businesses in preparing for leadership succession, while indicating that only 20% of family businesses in the Middle East are run by the third generation.