- Mohammad Ali Rashed Lootah:
- “We remain committed to achieving the wise leadership’s vision for the sustainable success of family businesses.”
- “By leading the initiatives of the Dubai Centre for Family Businesses, Dubai Chambers is improving the business environment in the emirate and enhancing awareness among family businesses on the important role governance plays in ensuring their growth and continuity.”
- The session focused on navigating the path to long-term success for family businesses, discussing key areas including succession planning, shared ownership, leadership development, conflict resolution, and family meetings, as well as the employment of non-family members.
Dubai, UAE – The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has concluded the second session of its Governance Series, a series of interactive educational workshops on key factors influencing the long-term success of family businesses. A total of 35 family business representatives participated in the session, which focused on a range of key topics relating to best practices in governance.
The event welcomed Sir James Wates CBE, a member of the board and former Chairman of Wates Group, one of the largest family-owned construction, development, and property services companies in the UK. Sir James was also appointed as the chair of a special committee that drafted the Wate Corporate Governance Principles for Large Private Companies, a comprehensive framework for the governance of private companies in the UK. Participants also heard from Fardan Alfardan, Chief Investment Officer of Alfardan Group, which is among the Middle East’s leading family-owned conglomerates. The guest speakers discussed critical areas including succession planning, shared ownership, leadership development, conflict resolution, and family meetings, as well as the employment of non-family members.
Commenting on the significance of the event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “By leading the initiatives of the Dubai Centre for Family Businesses, Dubai Chambers is improving the business environment in the emirate and enhancing awareness among family businesses on the key role governance plays in ensuring their growth and continuity. Today’s session was the second of a series of events we are planning this year. Hosting global family businesses to share their knowledge and experiences creates a valuable platform to elevate standards throughout the family business ecosystem.”
Lootah continued: “In addition to the Governance Series, we have launched several initiatives to support family businesses, including the publication of comprehensive Governance Guidelines to assist companies in developing the frameworks needed to ensure a smooth succession of leaders and business continuity. We remain committed to achieving the wise leadership’s vision for the sustainable success of family businesses.”
The session featured an interactive case study that enabled participants to engage in enlightening discussions about best practices in family business governance. The exercise took a deep dive into developing a well-defined family governance structure and the impact this can have on a company’s performance and decision-making.
The Governance Series focuses on laws affecting family businesses and best practices in governance and will encompass multiple sessions during 2023. The sessions aim to create opportunities for family businesses to learn more about how to effectively implement governance at the company, ownership, and family levels.
The Governance Series is designed to help family-owned companies in Dubai overcome common challenges, promote networking opportunities, and inspire participants by inviting local, regional, and global family businesses to share their multi-generational success stories.
Launched under the umbrella of Dubai Chambers in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring the growth and long-term sustainability of family businesses in Dubai. The centre aims to further develop this vital sector and enhance its economic contribution to support the emirate’s future development plans.
About Dubai Chambers:
Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.