Al Habtoor proposes opening the doors of family businesses to citizen entrepreneurs

The Emirati businessman, founder and Chairman of the Al Habtoor Group, Khalaf Ahmed Al Habtoor, proposed a bold economic vision based on involving Emirati entrepreneurs in the ownership of major family companies in the UAE, by opening a portion of these companies for public subscription at a rate of up to 20%, giving young people the opportunity to contribute to existing institutions instead of (starting from scratch) in a competitive and complex business environment.

Al Habtoor said, in an interview with Emirates Today, that “the current time is (very difficult) to enter the business sector from the beginning, and we do not want to paint an exaggerated picture,” noting that establishing companies from scratch in light of the volume of competition and high operating costs is no longer easy, especially in some economic sectors.

He added: “There could be advice and guidance from government agencies or officials to encourage Emirati youth and entrepreneurs to buy 20% of the shares of major institutions or companies in the country, which have assets estimated at tens of billions of dollars. This is better than the young man starting his project alone.”

Al Habtoor suggested that major family companies be encouraged to offer specific percentages of their ownership at measured prices, within an organized plan, so that young people can enter as small or medium investors, with the possibility of representing some of them on boards of directors.

He continued: “I see that the government advises family companies and gives directions to allocate a percentage of their shares at a specific price, and these companies go public. Then young entrepreneurs can buy shares in them, benefit from their profits, and perhaps participate in their management. One of them can invest 10 thousand dirhams, 100 thousand dirhams, or even one million dirhams, so this will be a safe and fruitful investment for him and for the major companies at the same time.”

Al Habtoor believes that this step could form a bridge between generations in the Emirati business world, as family companies benefit from the entry of new blood and modern ideas, while young people gain real practical and investment experience.

Family businesses

He explained that the openness of family businesses to local partnerships with young people will enhance the sustainability of the national economy and create a new model of integration between the accumulated experience of major capital and the creative energy of a new generation of entrepreneurs.

Al Habtoor stressed that “this step will be a support for both parties,” explaining: “When young people invest in existing companies, they guarantee financial stability and benefit from the expertise of major institutions, while these companies obtain young shareholders, who carry new energy and development ideas, and can reap profits immediately… It is a win-win equation for everyone.”

In addition, Al Habtoor criticized the lists issued by some international and regional magazines and media platforms to classify the richest businessmen in the Gulf region and the Arab world, stressing that much of what is published in this field lacks accuracy and credibility and relies on unrealistic estimates, not based on real or announced financial data.

Al Habtoor wondered: What did these magazines rely on in preparing these lists? How did they come to appreciate these riches? Pointing out that most of the businessmen mentioned are owners of private companies and institutions that do not announce their annual profits or budgets, so how can their wealth be accurately determined?

He added that many businessmen own assets and companies with a value far greater than what is published in these lists, explaining that the data announced in these classifications do not reflect the true reality, especially in countries such as the UAE, which includes a large number of family and private companies with a global reach.

He stated that the “Al Habtoor Group” cannot be legally included in these lists, saying: “We are a private company and are not listed on the stock market, and we do not announce our financial statements to the public, so it is illogical or legal for any magazine to include us on a list of the wealthy.” These lists depend on (guessing), not on numbers, and legally the parties that prepare these lists cannot include our name.”

Al Habtoor stressed that well-known Emirati businessmen in Dubai and abroad have investments that extend across continents, whether in the real estate, hospitality, automobile, retail, or infrastructure sectors, which makes assessing their wealth a complex process, and cannot be limited to the numbers circulated in these reports.

Dubai merchants

Al Habtoor stressed that “the relationship between Dubai’s merchants is based on integration and cooperation more than competition,” noting that “the spirit of teamwork and the open economic environment established by the late Sheikh Rashid bin Saeed Al Maktoum, may God have mercy on him, and followed in his footsteps by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him; It is the basis for the economic renaissance that Dubai is witnessing today.”

He continued: “The relationship between Dubai merchants is complementary. The merchants who supported Dubai in its early days were those who were supported by the late Sheikh Rashid bin Saeed Al Maktoum, may God have mercy on him. We had a healthy competition, and each one had his own specialty, which always made us think about how to work for the benefit of the residents of Dubai and the UAE.”

He said, “Positive competition among businessmen has always been the primary driver of economic growth,” adding: “Without competition, there is no goal.” Competition teaches us and pushes us to develop, and it is one of the secrets of Dubai’s success.”

In the context of his speech, Al Habtoor stressed that the government helps businessmen and provides the environment that enables them to succeed, and there is integration between the government and the private sector to serve the nation and the people.

Al Habtoor stopped at the judicial system in Dubai and the Emirates, praising what he described as “one of the most important secrets of the country’s success in attracting investors,” where justice and equality prevail before the law without any exceptions.

He said: “The beautiful thing about this country is that the law is above everyone else, and there is no middleman in our courts. The judiciary is independent. We are equal before the law, and this equality is what warms our hearts and the hearts of foreign investors.”

He stressed that “the economic environment in Dubai is encouraging for everyone who wants to work and strive. The laws are clear, the procedures are easy, and the opportunities are available to everyone. This is what made the emirate a first destination for investors from all over the world.”

He continued, “The UAE is not only a center for business, but also a center of trust. The investor who comes here feels reassured because there is a system that protects him and justice that guarantees his rights.”

He stated, “What distinguishes Dubai’s economy is diversity and flexibility, as it does not depend on one sector, but rather on an integrated system, and this is the true strength of the modern economy,” stressing that “Dubai does not know the impossible… Every time some people think that growth has reached its peak, we are surprised by new projects and innovative ideas that redefine success again.”

He explained, “What was achieved in Dubai was not a coincidence, but rather the result of careful planning, collective effort, and the belief that success does not stop.” This belief is what keeps us building every day.”

Localization

Al Habtoor affirmed his full support for the government’s efforts to promote Emiratisation in the private sector, stressing that “the success of this file does not depend only on government initiatives, but rather it is a shared national responsibility that requires real interaction from the private sector and major national companies.”

He said: “The government today is focusing on Emiratisation in the private sector, and we fully support that. It is important for the Emirati citizen to be more present in this vital sector, and to participate in the leadership and management of companies and their various fields.”

He added that government agencies played their role to the fullest in setting the necessary frameworks and programs to encourage Emiratization, saying: “The government did not fall short, and provided all the necessary support, legislation and facilities, but the government cannot be held accountable for everything. We, as companies and businessmen, are also responsible for supporting the nation’s people and empowering them in the workplace.”

He pointed out that the Al Habtoor Group includes a large number of Emirati competencies in senior leadership and administrative positions, stressing that these employees constitute successful and honorable models of citizen performance in the private sector.

Al Habtoor said: “We have a large number of citizens in the group, some of whom hold positions of directors and deputy directors, and they are active, productive, and manage companies within the group with great efficiency. These models give us confidence that the nation’s citizens are capable of creativity when given the opportunity in the private sector.”

Al Habtoor stressed the need for the private sector to assume its full role in employing and qualifying citizens, to relieve pressure on the government and enable it to focus on long-term strategic planning.

He added: “The government must breathe.” We must assume our responsibilities in employing citizens and creating job opportunities that suit their qualifications. We cannot depend on the government for everything. Our role is to open doors for citizens, train them, give them confidence, and enable them to participate in the development process.”

• We must assume our responsibilities in employing citizens and creating job opportunities that suit their qualifications.

• What was achieved in Dubai was not a coincidence, but rather the result of careful planning, team effort, and the belief that success does not stop.

Khalaf Ahmed Al Habtoor to “Emirates Today”:

• Dubai does not know the impossible. Every time some people think that growth has reached its peak, we are surprised by new projects that redefine success once again.

• The spirit of teamwork and the open economic environment established by the late Sheikh Rashid bin Saeed, and followed by His Highness Sheikh Mohammed bin Rashid, is the basis for the renaissance that Dubai is witnessing today.