DIFC Family Wealth Centre and MIT Sloan Executive Education, in collaboration with the DIFC Academy, are launching the first ‘Sustaining Family Business Success’ higher education programme in Dubai.
This will provide family businesses in Dubai International Financial Centre (DIFC) and the wider region with world-class education on multi-generational family business success.
The new MIT Sloan Executive Education ‘Sustaining Family Business Success’ programme brings insights and fresh perspectives for family businesses gearing up for growth in Dubai and beyond. The programme explores opportunities, challenges, trends, and strategies for owning a family business as well as leading a broader family enterprise across multiple generations. Course participants will earn an MIT Sloan School of Management Certificate of Completion.
New model for success
John Davis, Faculty Director at MIT Sloan, commented: “Today’s changing, global landscape requires that family owners redefine what it means to be good stewards of the family enterprise. The traditional view of stewardship as caretaking and passing the family’s legacy is ill-suited to today’s world. Building a future-oriented and agile family enterprise, and growing multiple kinds of value, according to the family’s values, is the new model of family enterprise success.”
Christian Kunz, Chief Strategy, Innovation & Ventures Officer at DIFC Authority, said: “Dubai and DIFC’s dynamic business ecosystem, strategic location, and commitment to innovation make it an ideal hub for family businesses, offering a unique blend of global opportunities and a family-friendly environment that fosters growth and success. We are delighted to offer DIFC Family Wealth Centre members and family businesses access to the latest in education on ‘Sustaining Family Business Success’ in collaboration with MIT Sloan Executive Education and DIFC Academy, as these family businesses upskill to continue their growth journey in the region and beyond.”
The announcement follows a series of initiatives spearheaded by DIFC, the leading global financial centre for the Middle East, Africa, and South Asia (MEASA) region, to ensure family businesses continue to innovate, thrive and succession-plan with confidence.
Unique offering
DIFC launched the DIFC Family Wealth Centre in March 2023, the first in the world to create a unique offering at a time when an estimated AED3.67 trillion ($1 trillion) in assets will be transferred to the next generation in the Middle East over the coming decade. DIFC Family Wealth Centre provides a world-first end-to-end service for family businesses with a long-term vision and global ambitions. DIFC also enacted its Family Arrangements Regulations in February 2023 providing tailored services and support for preserving legacies across generations and geographies.
The Family Arrangements Regulations provide comprehensive guidelines for family businesses holding assets and operating in or from DIFC, in support of their succession and legacy planning for future generations.
The regulations were drafted to take advantage of the recognition of family business structures in free zones, such as DIFC, and the authority provided in the UAE Decree-Law No 37 of 2022 (UAE Family Business Law) to keep a special family business register to opt into the requirements and benefits that will be provided for family businesses under the UAE Family Business Law.
Structured around 6 key pillars of Future Vision; Managing Turbulence; Governance; Talent; Succession and Multigenerational Success, the initiative aligns with the UAE Government’s commitment to support family businesses who continue to play a prominent role in accelerating the growth of the country’s economy. It is estimated that only 20% of family businesses are managed by the third generation in the Middle East, hence it is crucial to equip the next generation of leaders with world-class education to ensure long-term success.--TradeArabia News Service
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