Arab News, Aug 9, 2022 | Muharram 11, 1444
DIFC launches first global family business and private wealth center
DUBAI: The Dubai International Financial Center has announced the launch of the
first global family business and private wealth center.
The center will create a hub for bringing together global family-owned
businesses, ultra-high-net-worth individuals and private wealth, according to a
press release.
To be working on an independent basis, the center will provide advisory and
concierge services, education and training, outreach and high-end networking,
besides undertaking research and issuing publications, along with giving dispute
resolution assistance.
The center will also grant accreditation to businesses and advisers in alignment
with DIFC’s standards, the press release added.
“The UAE has a vast number of family businesses, owned by citizens and residents
who contribute to the country’s economy,” said Essa Kazim, governor of DIFC.
In the next decade, he added, those families and others in the Middle East are
expected to transfer 3.67 trillion dirhams ($1 trillion) to the next generation,
which illustrates the urgent need to provide them with specialist, consolidated
support to help them grow.
Tarek Hajjiri, appointed CEO for the Global Family Business and Private Wealth
Center said: “The new center will play a unique role in guiding family
businesses in relation to governance, succession, ownership, wealth, family
dynamics and strategy. Our role is crucial to ensure the long-term growth of
family businesses.”
The Global Family Business and Private Wealth Center has been approved by the
DIFC Authority Board of Directors and is expected to be launched on Sept. 1,
2022.