Dubai's Family Business Centre Collaborates with Emirates National Bank of Dubai to Facilitate Legacy Succession and Business Expansion
In a significant move to bolster the family business sector in Dubai, the Dubai Centre for Family Businesses and Emirates NBD have signed a Memorandum of Understanding. This partnership aims to enhance the resilience and long-term success of family-owned businesses by focusing on three key areas: governance, succession planning, and legacy preservation.
The collaboration between the two entities will see Emirates NBD's Private Banking division and the Dubai Centre for Family Businesses design an integrated framework for supporting family business clients.
### Governance
The partnership will include governance maturity assessments to evaluate the current state of family business governance structures. This will help identify areas for improvement and ensure that businesses are well-organized and equipped to handle future challenges. Additionally, creating family charters will help define roles, responsibilities, and expectations within the family business, reducing internal conflicts and improving decision-making processes.
### Succession Planning
Emirates NBD will introduce Next Generation programs aimed at empowering the younger generation with the skills needed to take over successfully. These programs will provide leadership development opportunities, ensuring a smooth transition of leadership. Furthermore, workshops on succession planning will be organized, where experts from Emirates NBD will share strategies and best practices, equipping family businesses with the tools necessary to manage transitions effectively.
### Legacy Preservation
The collaboration will offer customized advisory services to support family businesses in maintaining their legacy. This includes creating strategies that preserve family values and wealth across generations. Additionally, the partnership helps promote sustainable growth and positions family businesses as key contributors to the UAE's GDP, ensuring their continued relevance to the country's economic development while preserving their legacy.
Mohammad Al Bastaki, Group Head of Private Banking at Emirates NBD, emphasized the bank's dedication to the family business sector, pointing out the urgent need for structured support and education in family businesses. Al Bastaki also highlighted that only 20% of family businesses in the Middle East successfully transition to the third generation, underscoring the need for such partnerships.
Experts from Emirates NBD will contribute insights and participate in Centre-led events. The initiative encourages participation in leadership development programmes run by the Centre for current and future business leaders. The partnership also aims to aid in smooth generational transitions for family businesses, contributing to the growth and prosperity of the UAE's economy.
- The partnership between the Dubai Centre for Family Businesses and Emirates NBD will focus on governance, with governance maturity assessments to evaluate and improve family business structures and create family charters to define roles and responsibilities.
- Emirates NBD will introduce Next Generation programs for the younger generation to equip them with leadership skills, ensuring a smooth transition of leadership in family businesses.
- The collaboration will offer customized advisory services to help family businesses preserve their legacy, maintain family values, and promote sustainable growth.
- Experts from Emirates NBD will contribute insights and participate in Centre-led events, encouraging participation in leadership development programs for current and future business leaders.
- The initiative aims to aid in smooth generational transitions for family businesses, contributing to the growth and prosperity of the UAE's economy.
- Mohammad Al Bastaki stressed the importance of structured support and education in family businesses and highlighted that only 20% of family businesses in the Middle East successfully transition to the third generation, underscoring the need for partnerships like this one.
