• Sectors we work in banner(2)

    Quick Reads

New Governance Guidelines for family-owned businesses in the UAE

In May 2023, the Dubai Centre for Family Businesses (the DCFB) was established under the umbrella of the Dubai Chamber of Commerce to help ensure the sustainability and growth of family-owned businesses in the emirate. In July 2023, the DCFB introduced the Governance Guide for Family Businesses (the Guidelines). The aim of these new Guidelines is to provide advice to families and encourage them to develop robust governance frameworks to ensure the continuity of their businesses. The Guidelines and their accompanying resources have been developed to help families navigate this process and map out the complex roles and relationships that ultimately define their businesses.

The Guidelines are designed to promote:

  1. International Best Practices: The Guidelines incorporate international best practices that have been tailored to suit local requirements. They also provide advice around the importance of developing a Family Constitution or Family Charter.
  1. Sustainability of Family Businesses: The Chairman of the Dubai Chamber of Commerce, Mr Abdul Aziz Al Ghurair notes that the Guidelines provide, "a comprehensive and integrated vision that will assist companies in developing effective strategies for seamless leadership transitions across successive generations.” With many family businesses established during the 1950s and 1960s, these entities are expected to undergo an intergenerational transition within the next five to ten years. Consequently, an estimated USD 1 trillion (AED 3.67 trillion) in assets across the GCC will be transferred to the next generation during the following decade and families need to have clear and long-term strategies in place.
  1. Strong Foundations: The Guidelines provide tools to facilitate open discussions in a trusting and transparent environment. These include programmes designed to prepare new leaders, educate family members on important succession planning issues, and raise awareness about general governance matters.
  1. Sustainability and Growth: Family businesses account for approximately 90 per cent of the UAE’s private sector and make a substantial contribution to Dubai’s non-oil GDP. Family businesses have also been at the forefront of Dubai’s economic diversification, with a significant presence in a variety of industries from construction to tourism. The Guidelines look to foster the development of this important sector by providing educational resources and policies to families and those that advise them.

The DCFB Guidelines are a welcome addition to the existing regulatory framework and other guidelines already in place to support Dubai’s many family businesses. We anticipate that the Guidelines will cement and further enhance what is already a thriving economic ecosystem by providing a stepping stone to continued growth and prosperity.

Established under the Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring the sustainability and growth of family businesses in Dubai.

Our thinking

  • A Closer Look at the Meaning of ‘Investor’ in Investment Treaty Arbitration

    Stephen Chan

    Insights

  • Beyond Dry January: The Rise of the Low and Non-Alcoholic Beverage Sector

    Iwan Thomas

    Insights

  • Charles Russell Speechlys hosts Hard Conversations and Smart Conflict®, a Women in Leadership event

    Sarah Wigington

    News

  • AML in decentralized finance and traditional finance

    Caroline Greenwell

    Insights

  • International Arbitration: 2024 in Review

    Thomas R. Snider

    Insights

  • Charles Russell Speechlys advises Puma Growth Partners on its lead investment as part of a $4.3 million funding round for finance-focused legal AI specialist, Semeris

    David Coates

    News

  • Has the UAE recognised the principle of Without Prejudice Privilege?

    Maher Al Nashar

    Quick Reads

  • Corporate deal round-up H2 2024

    David Coates

    Insights

  • Appointment of company directors – who can do it and how?

    Stephen Burns

    Insights

  • Charles Russell Speechlys advises Acora on its acquisition of Elastacloud

    Mark Howard

    News

  • Up in the AI: GenAI and Changing Business Models

    Joe Cohen

    Podcasts

  • Insights from FRC’s review of Climate-related Financial Disclosures (“CFD”) by AIM and large private companies

    Megan Gray

    Quick Reads

  • Charles Russell Speechlys advises long-standing client Puma Growth Partners on its £4 million investment into NRG

    David Coates

    News

  • Charles Russell Speechlys appoints two new Of Counsel in Paris

    Frédéric Jeannin

    News

  • Food safety, restrictions on unhealthy foods, employee rights and preventing economic crime: Trends to look out for in the Food & Beverage Sector 2025

    Jamie Cartwright

    Insights

  • What Katy Perry can teach us about the Corporate Transparency Act

    Timmoney Ng

    Quick Reads

  • Understanding Civil and Criminal Remedies in France for Financial Crimes

    Frédéric Jeannin

    Insights

  • Bloomberg quotes Daniel Rosenberg on old M&A deals reportedly making a comeback

    Daniel Rosenberg

    In the Press

  • Private capital; ESG and diversification: Trends in M&A and Investing in the UK Hotels Sector 2025

    James Broadhurst

    Insights

  • A critical reassessment of the Modern Slavery Act from the House of Lords

    Kerry Stares

    Insights

Back to top