Dubai: New agenda to make family businesses sustainable for next 100 years

‘Dubai Centre for Family Businesses’ will be established as a central entity to provide all services

By A Staff Reporter

Published: Tue 10 May 2022, 8:35 PM

Last updated: Tue 10 May 2022, 8:38 PM

A new agenda announced in Dubai aims to boost the sustainability of family businesses for the next 100 years.

As part of the agenda, family businesses will be given all tools necessary to enable them to contribute to the economy and the emirate’s future. The agenda will see Dubai issuing a unified law for the sustainability of family businesses that meets all legislative requirements.

A ‘Dubai Centre for Family Businesses’ will be established as a central entity responsible for providing all services that ensure sustainability. It will launch four practical legal systems for the governance of family businesses, and establish a centre for settling family disputes through arbitration and mediation.

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This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting of the Dubai Council

The council also announced the establishment of a ‘Higher Committee for Development and Citizens Affairs’ headed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

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The committee will focus on ensuring the provision of advanced and integrated services to citizens, in addition to launching and approving a number of comprehensive initiatives.

During the meeting, Sheikh Mohammed directed the formation of a higher committee to oversee all future technological developments in digital economy. He directed the committee to develop the Dubai Metaverse Strategy in the next two months.

sahim@khaleejtimes.com