An agreement to help family companies protect their wealth

The Dubai Family Companies Center, which works under the umbrella of Dubai Chambers, signed a memorandum of understanding with Emirates NBD to enhance efforts to support family companies in Dubai and stimulate their sustainable growth in the long run.

According to the memo, the center will cooperate with the Department of Special Banking Services in the Emirates NBD with the aim of developing an integrated framework to help family companies protect their wealth and transfer their legacy and values to future generations, including the governance of family companies and leadership planning.

The center will also provide the bank’s employees from family companies, consulting services specialized in the field of governance, which includes the development of the family charter, and the preparation of specially designed action plans to ensure the smoothness of the management of management across generations.

According to the agreement, Emirates NBD will support its customers to participate in the leadership development programs organized by the Dubai Family Companies Center, with the aim of enhancing their knowledge and skills in the fields of governance, planning leadership, and business continuity.

“Family companies play a pivotal role in the process of economic development, and their continued success is a key pillar in sustaining growth,” said Khaled Al -Jarwan, Vice President of Commercial and Institutional Services in Dubai Chambers.

He added: “The cooperation between the center and the bank reflects our joint commitment to stimulating the growth of family companies across generations by providing them with the necessary support to ensure the prosperity of their business in the long term and enhance their competitiveness at the local and global levels.”

Al -Jarwan stressed the keenness to support family companies to adopt best practices in the fields of governance, planning for leadership succession, and developing the skills of future generations, in a way that contributes to enhancing their flexibility and their ability to adapt to economic changes.

For his part, the head of the private banking services of Emirates NBD Group, Mohammed Al -Bastaki, said: “We are pleased to cooperate with the Dubai Family Companies Center with the aim of strengthening the system of family companies in the emirate, as this sector is a fundamental contributor to the growth of GDP. Our new partnership confirms the bank’s commitment to support economic growth in line with the Dubai Economic Agency. ”

Al -Bastaki added: “The recent organizational and legislative amendments in the Emirates contribute to enhancing the readiness of family companies for the leadership of leadership succession. However, it is estimated that only 20% of family companies in the Middle East are run by the third generation.

He continued: «Through our tireless efforts to provide effective solutions to the governance of family companies and planning leadership succession, including our programs devoted to supporting the next generation, the bank’s private banking services department seeks to enable family companies and help them prepare and adopt strategies that ensure the continuity of their business and values in the future.”