Dubai Career Diary

In an ambitious move to bolster the resilience and succession of family businesses within the region, the Dubai International Financial Centre (DIFC) has unveiled a groundbreaking programme. This initiative, developed in partnership with MIT Sloan Executive Education and the DIFC Academy, is designed to endow family-owned enterprises with the essential skills for navigating expansion while maintaining core values across generations.

Titled “Sustaining Family Business Success,” the programme is set to take place from June 24 to 26. It targets at empowering participants with cutting-edge insights on fostering a future-ready family enterprise capable of thriving over successive generations. This aligns with the comprehensive vision of ensuring that family businesses not only survive but excel in the competitive global marketplace.

Upon completion, participants will be awarded a certificate from the esteemed MIT Sloan School of Management, marking their competency in steering their family businesses towards enduring success.

Christian Kunz, DIFC’s Chief Strategy, Innovation & Ventures Officer, highlighted the strategic advantages that Dubai and DIFC offer to family businesses. He emphasized the region’s dynamic ecosystem, pivotal geographical location, and a staunch commitment to innovation as key factors that make it a nurturing ground for family-run ventures.

Statistics indicate that only a fraction of family businesses in the Middle East successfully transition to the third generation. This programme aims to change this narrative by instilling practices that guarantee longevity, a crucial aspect given the significant role these businesses play in the UAE’s economic landscape.

John Davis, Faculty Director at MIT Sloan, underscored the necessity for family business owners to evolve their notions of stewardship to stay relevant in today’s fast-changing world. He endorsed a futuristic approach centered around agility, value diversification, and alignment with familial values as the blueprint for success.

The programme encompasses several core areas pivotal for sustainability, including future visioning, managing turbulence, governance, talent nurturing, succession planning, and fostering multigenerational achievement.

This initiative is part of DIFC’s broader strategy to support family businesses, complemented by the Family Wealth Centre and Family Arrangements Regulations introduced earlier this year. These efforts aim to safeguard family legacies and provide tailored services to address the unique needs of family enterprises, considering the anticipated wealth transfer of $1 trillion in the region over the next decade.

With these comprehensive frameworks and guidelines, DIFC is setting a new standard for the stewardship and success of family businesses in Dubai and beyond.