Family companies in Dubai have a wide legacy of accumulated experience and knowledge

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense and Chairman of the Executive Council of the Emirate of Dubai witnessed the graduation of the second session of the Dubai Family Companies Management Program, which was launched by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, in October 2023, and is organized by the Dubai Family Companies Center, which works under the umbrella of Dubai Chambers, in cooperation with the Mohammed bin Rashid Center for preparation Leaders.

The Dubai Family Companies Management Program aims to ensure the continuity of these companies and the planning for their ownership and management, in order to prepare and develop effective management skills, and to upgrade governance practices in family companies.

This came during the activities of the “Mohammed Bin Rashid Forum for Leaders”, the most prominent annual forum specialized in management and leadership, organized by the Mohammed bin Rashid Center for the Preparation of Leaders, with the participation of the most important 1,000 leadership figures from the government and private sectors in Dubai to discuss the administrative and future leadership to consolidate the best leadership and administrative practices, and to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President Dubai is the best city in the world.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: “With the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s economy continues to provide models for leadership and excellence globally in its ability to achieve sustainability, investing in future opportunities and trends of the new economy, and continuing to enhance strong pillars of diversity and flexibility … Our goal in Dubai is to achieve the maximum capabilities in all sectors .. We look at family companies as an important pillar in an economy The emirate, its continuity and development represents a key driver of comprehensive development trends. “

His Highness added: “Family companies in Dubai have a wide legacy of accumulated experience and knowledge … Working to enable their new leaders ensures the transfer of these experiences to future generations, which enhances their ability to innovate and grow in the changing business environment.”
Various investments

Family companies gain special importance in the development trends of the Dubai economy, as they represent about 90% of the total number of private companies in the UAE, and their investments are distributed in various fields, and contribute about 40% of the gross domestic product of the UAE, and employ more than 70% of the workforce in the sector.

The second session included a training program for second -class leaders in family companies in courses supervised by a group of professors of the International Institute for Administrative Development, and included virtual sessions and personal guidance sessions.

The Dubai Family Companies Management Program aimed to enable the participants to keep pace with the requirements for the transfer of leadership in family companies to new generations, as the sustainability of these companies depends on investing in preparing their future leaders, as the program was designed with the aim of building effective leadership skills in a way that contributes to achieving a smooth transition between successive generations and enhancing best practices in the field of governance in line with the strategic goals of the Dubai Center for Family Companies.

Economic priorities

The program courses also targeted the definition of affiliates with economic trends and priorities in Dubai, especially the Dubai Economic Agency D33, and the promotion of government and private partnerships by benefiting from success stories for previous experiences, involving associates with economic projects in the Emirate of Dubai through the partnerships between the two sectors, and building bridges of communication between family companies and government institutions aimed at enhancing economic and community partnerships.

The program worked to provide the new generation of family leaders with the basic skills to enhance their administrative competencies and develop their leadership capabilities to contribute effectively to the success of companies in the long term and ensure their sustainable growth and keeping pace with the requirements of the future, as the program focused on developing skills and leadership experiences for the second grade of family companies, through global curricula for advanced training that supports their readiness to manage companies effectively and competently Depending on the best practices and global administrative frameworks, which contributes to the development of its control systems, and supports the advancement of its performance to keep pace with opportunities and challenges, and enhances its role in consolidating Dubai’s position as a leading global destination for business.

The program allowed the participants in its second session to take advantage of the world’s leading academic experiences for prominent professors through a vital and engines educational experience, in addition to the opportunity to interact with prominent leaders of family companies by studying direct cases and field visits.

Development projects

The program also constituted an opportunity for the participants to work on development projects for their family companies through the application of the frameworks and concepts presented in the program, and also enabling them to communicate with their family counterparts from all over the world, as well as participating in personal guidance and guidance sessions to achieve self -development goals.

The participants in the program also got acquainted with how to build and enhance confidence and credibility in the business community and among the shareholders from the family and in front of the Council and the Administration Team. The program also worked through the ideas and visions that its various stages abound in, to enable the participants to raise their readiness to respond to the emerging requirements at the personal and family levels and the requirements of management in the work system of their family companies.

Leadership skills

The program gave a qualitative opportunity for the participants to acquire a set of basic leadership skills for their success in managing their family companies, including learning how to express their visions and highlight them strategically to involve family members and employees in them, and enhance their ability to share their goals and vision with the family and employees and give them an in -depth meaning through the methods of telling stories, in addition to identifying the decisive role of emotional intelligence in leadership Effective, especially in senior positions, and facing the challenges facing family companies by taking advantage of their strategic advantages.