DIFC Introduces Initiative to Enhance Succession Planning and Longevity of Family Businesses
In an innovative initiative, the DIFC Family Wealth Centre, in partnership with MIT Sloan Executive Education and the DIFC Academy, is launching the premier ‘Sustaining Family Business Success’ high educational program in Dubai.
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This program aims to equip family businesses within the Dubai International Financial Centre (DIFC) and the broader region with the adequate education on maintaining success across generations.
The innovative MIT Sloan Executive Education program provides family businesses preparing for expansion in Dubai and elsewhere with new insights and perspectives. It covers the exploration of opportunities, challenges, trends, and strategies essential for the management and leadership of family businesses and broader family enterprises through multiple generations. Participants of the course will receive a Certificate of Completion from the MIT Sloan School of Management.
John Davis, the Faculty Director at MIT Sloan, highlighted the need for family businesses to adapt to the rapidly changing global environment by adopting a future-focused and flexible approach to stewardship, emphasizing the creation of diverse values aligned with family principles as the outline for success in today’s world.
Christian Kunz, the Chief Strategy, Innovation & Ventures Officer at DIFC Authority, emphasized on the importance of the Dubai and DIFC’s business ecosystem, strategic position, and commitment to innovation as key factors making it the perfect environment for family businesses. He expressed enthusiasm about providing members of the DIFC Family Wealth Centre and family businesses access to cutting-edge education on sustaining success, enabling them to upscale and continue their growth locally and internationally.
This announcement is part of a series of measures by the Dubai International Financial Centre (DIFC) to support the ongoing innovation, growth, and succession planning of family businesses confidently. The DIFC Family Wealth Centre, launched in March 2023, represents a world-first initiative, offering comprehensive services to family businesses at a crucial time when an estimated AED 3.67 trillion (USD 1 trillion) in assets is expected to transfer to the next generation in the Middle East over the next decade.
Additionally, the DIFC introduced the Family Arrangements Regulations in February 2023, offering tailored support for families to preserve their legacies across generations and geographies. These regulations complement the UAE Family Business Law, fostering a supportive environment for family businesses.
Structured on six foundational pillars, future vision, managing turbulence, governance, talent, succession, and multigenerational success, the initiative is in line with the UAE Government’s dedication to bolstering family businesses, vital for the nation’s economic growth.
With only 20% of family businesses in the Middle East reaching the third generation, providing next-generation leaders with top-tier education is essential for their enduring success.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
With the growing global demand for digital infrastructure, Damac has been expanding its footprint in this important sector.
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Damac Group, a renowned conglomerate with a diverse investment portfolio of luxury real estate, hospitality, property management, and logistics, has announced its plan to invest up to $1 billion in the data centers sector over the next few years.
Recognizing the increasing global demand for digital infrastructure, Damac has been expanding its footprint in this crucial sector. A significant milestone in Damac’s diversification strategy was the launch of Edgnex Data Centers in 2021, which has enabled the group to capitalize on the growing need for robust digital infrastructure.
According to Damac, Edgnex is making significant strides in Saudi Arabia, with facilities under construction in Dammam and Riyadh that will deliver 55MW by 2025. Additionally, plans are underway for a data centre in Amman, Jordan, and another in Turkey in partnership with Vodafone.
In May, Damac had announced its entry into the Indonesian market with plans to build a data center in Jakarta. The 15MW facility, located along MT Haryono, is scheduled to complete its first construction phase in the fourth quarter of 2025.
“This substantial investment in the data center sector reflects our commitment to advancing digital infrastructure and supporting the technological transitions that are essential for future growth and innovation,” said Hussain Sajwani, the Founder and Chairman of Damac Group.
In addition to the technological transitions and diversification, particularly in the data centers sector, Damac Group is heavily focusing on its Artificial Intelligence (AI) investments.
The increased focus on AI and technological infrastructure, he stated, is expected to bolster the Group’s existing portfolio and pave the way for new strategic partnerships and collaborations.
By investing in AI and data centers, it aims to leverage advanced technologies to create value and drive sustainable growth, he added.
The Damac Group’s diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries.
With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organization, we recognize the transformative potential of AI in shaping the future,” remarked Sajwani.
“Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors,” he stated.
According to him, Damac has made notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the bankrupt cryptocurrency exchange, FTX.
Also it has made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source.
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” said Sajwani.
“Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
