Maktoum bin Mohammed attends signing of MoU between Dubai Chambers and DIFC Family Wealth CentrePress Release 22 May 2023 01:28 pm
- Agreement seeks to provide support to family businesses and strengthen their global presence
Dubai, UAE; 21 May 2023: His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), attended the signing of a Memorandum of Understanding (MoU) between the Dubai Chambers’ Dubai Centre for Family Businesses and the DIFC Family Wealth Centre.
The MoU agreement, which seeks to provide support to family businesses and strengthen their global presence, was signed by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Arif Amiri, CEO of DIFC Authority.
The signing ceremony was also attended by His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, and His Excellency Essa Kazim, Governor of Dubai International Financial Centre.
As part of the agreement, the Dubai Centre for Family Businesses will join forces with the DIFC Family Wealth Centre in areas of training and education, as well as joint events and promotions. The MoU outlines the collaboration between the two entities in defining methods of cooperation with relevant federal and local authorities. Their joint effort aims to develop strategic recommendations that promote the implementation of family business governance standards in accordance with the highest ratings defined by the Family Wealth Centre, ranging from AA to AAA*. This move aims to inspire family businesses to establish a global presence by adopting world-class standards, encompassing environmental, social, and governance (ESG) standards, Sharia-compliant standards, and other practices that have a positive impact on communities and contribute to sustainable development.
Other areas of cooperation between the DIFC Family Wealth Centre and the Dubai Centre for Family Businesses include access to the Family Office Club to boost global and commercial communications, recommending business structures and models adopted by DIFC for succession planning, as well as adopting certification and accreditation programmes for family business advisors.
As part of this collaboration, Dubai Chambers has adopted DIFC’s regulations and structures governing family businesses, succession planning and advisor accreditation and certification. It has also adopted DIFC’s family business rating system which meets best international practices.
The Dubai Centre for Family Businesses, which falls under the umbrella of Dubai Chambers, was established under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The Centre, inaugurated recently by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, provides an integrated system of consultation and training programmes focusing on strategic areas of interest to family businesses, including adopting good governance, succession planning and next generation training and development. Its establishment reflects Dubai Chambers’ commitment to boosting the competitiveness of family businesses by protecting their interests, regulating their activities, and investing in their leaders to ensure a sustainable future.
The DIFC Family Wealth Centre operates in line with the UAE’s efforts to enhance the contribution of family businesses towards the national economy, as it plays a key role in supporting the growth and prosperity of family businesses.
The Centre acts as an end-to-end platform that enables family businesses to preserve their legacy and protect its continuity generation after generation. It grants compliance accreditation in areas of ESG practices and corporate governance among others. It also provides access to a trusted network of certified family businesses experts, including advisors and consultants specialising in succession planning, legal affairs and international taxation, sustainability and ESG, learning and leadership and dispute resolution.