From massive construction projects to retail centers, family enterprises make up 90% of the total private companies in the UAE. Family-owned businesses contribute 40% to the national economy, employing 70% of the workforce.
Following Dubai Chambers setting up a dedicated center for family-owned businesses to help them navigate succession planning and achieving sustainable growth, the UAE has now launched a unified registry for this crucial sector to solidify its position as a family business haven.
Spearheaded by the Ministry of Economy, the database aims to streamline operations, boost governance, and propel family businesses.
This “comprehensive and unified database” will serve as a one-stop shop for all information related to family companies in the country, said the Ministry of Economy.
“The launch of the unified registry for the sector is an important step forward in strengthening its governance and regulating their registration procedures,” said Abdulla bin Touq, Minister of Economy.
Four new cabinet resolutions further bolster the initiative, enhancing the competitiveness of the sector’s legal framework. The ministry emphasized that the registry will enhance the “sustainability and leadership” of family businesses, reinforcing the UAE’s status as a premier choice for local, regional, and international family enterprises.
The registry includes registering family businesses, issuing and revoking their leadership certificates, and continuously updating their status. It also specifies a set of controls and requirements related to registering family businesses in the registry.
Last year, the UAE introduced the Thabat Venture Builder program to prepare family-owned businesses for the future economy and double their contribution to the nation’s gross domestic product to $320 billion by 2032.
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