In an effort to maintain continuity and generational shifts, the new curriculum, the Dubai Family Business Administration curriculum, aims to empower new family enterprises.
Dubai has launched a new initiative to support family companies, which are an essential component of the regional economy. Sheikh Maktoum Bin Mohammed, the deputy ruler, deputy prime minister, and minister of finance, made the announcement.
According to a statement on Zawya, the new curriculum, the Dubai Family Business Administration curriculum, seeks to empower new family enterprises in an effort to ensure continuation and generational shifts. It was jointly introduced by the Mohammed Bin Rashid Center for Leadership Development and the Dubai Centre for The family Businesses.
The deputy ruler stated on X, previously known as Twitter, “Family companies are integral to Dubai’s economic prosperity, and by strengthening them, we strive to accomplish the goals stated in economic cities globally.” According to the UAE Department of Economy, over 70% of employees work for family firms, and 90% of private-sector businesses are family-owned.
Family businesses in Dubai provide 40% of the city’s GDP. Mohammad Ali Rashed Lootah, president and chief executive officer of the Dubai Chambers, emphasized the significance of family-owned enterprises in Dubai’s aspirations for sustainable development. He emphasized the management program’s contribution to developing second-tier competences, boosting Dubai’s competitiveness, and making it a sought-after location for business.
The Dubai Centre for Family-owned companies was established by Dubai Chambers to provide family-owned businesses with leader transition, planning for succession, and growth training. Sheikh Maktoum added in a statement that “this program is an expansion of a series of programs and plans aimed at assisting family-owned enterprises, and its success indicates the development of Dubai’s business community.”