In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued a decree establishing the Family Business Centre in Dubai with the objective of driving the sustainability and growth of family businesses in the emirate.
According to the decree, the Center will be established as part of the Dubai Chambers’ organisational structure and will carry out the tasks assigned to it under this decree.
The Federal Decree Law on Family Business, which aims to create a thorough and simple legal framework to manage the ownership and governance of family businesses in the United Arab Emirates, is congruent with the decree establishing the Family Business Centre in the emirate.
The Decree outlines the Center’s duties and responsibilities, which include offering family businesses technical and administrative support, ensuring their sustainability and orderly generational succession, developing a comprehensive strategy to support and develop family businesses in the emirate, and providing creative solutions to deal with these businesses and increase prospects for their growth.
Under the decree, the government agencies in the emirate and others are urged to fully collaborate with the Centre and provide all necessary support enabling it to carry out the tasks and powers entrusted to it under this decree and the decisions issued pursuant thereto and the legislation in force in the emirate.
The decree is effective upon issuance and will be published at the Official Gazette.