Dubai: Participants discussed using endowments, institutions, and trusts to ensure the continuity and sustainability of family businesses. Speakers from Awqaf Dubai and law firm Clyde & Co covered the legal background, procedures, and benefits of waqf, foundations, and trusts in preserving family wealth. Attendees learned about the importance of these tools in developing and sustaining family businesses.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, attended the seminar, with Ali Mohammed Al Mutawa, Secretary General of Endowment and Minors’ Trust Foundation, giving the opening speech. Held as part of the Governance Series, the event saw over 40 family business representatives participate.
Lootah stated, “The Dubai Centre for Family Businesses is dedicated to improving Dubai’s business environment for family businesses, enhancing their frameworks, and supporting their sustainable legacies in line with the emirate’s evolving business landscape. Family-owned companies are crucial to Dubai’s economy and will be key to achieving the Dubai Economic Agenda (D33) goals.”
Al Mutawa explained that family endowments are a type of family business within legal frameworks. The foundation manages several family endowments, organizes their documents, and ensures their investment and development using modern methods. He added that Awqaf Dubai manages 99 family endowments valued at AED 2.8 billion. Family endowments provide security for future generations and ensure their preservation for heirs. Al Mutawa noted the growing culture of endowment in the UAE, whether charitable, family, or mixed.
The Governance Series, a key initiative by the Dubai Centre for Family Businesses, includes educational seminars on family business issues. Topics cover laws and governance for succession planning, long-term success, and regulatory compliance. The series helps participants learn from other family businesses and enhance the local ecosystem. The series supports family businesses in overcoming challenges and expanding their activities. Participants benefit from networking with local, regional, and international family businesses, sharing success stories, and learning from their experiences.
Launched in May 2023, the Dubai Centre for Family Businesses aims to ensure the sustainability and growth of family businesses, enhancing their economic contribution to Dubai’s future development plans.
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