DIFC Introduces Initiative to Enhance Succession Planning and Longevity of Family Businesses | Kanebridge News
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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.

Tue, Feb 13, 2024 2:08pmGrey Clock 2 min

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.



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AACCI’s Strategic Vision for Enhancing Australia-Arab Trade Relations

The Australian Arab Chamber of Commerce & Industry (AACCI) is fostering robust trade relations between Australia and Arab countries.

Mon, May 20, 2024 5 min

In an era where global trade and international relationships are more crucial than ever, the Australia Arab Chamber of Commerce & Industry (AACCI) serves as a bridge, for cooperation and growth between Australia and the Arab nations. Led by its Chairman, Mr. Mohamed Hage, the AACCI has taken on projects aimed at strengthening relationships and fostering development across borders.

This exclusive interview explores the initiatives implemented by the AACCI to expand its presence and influence in the region including the significant establishment of a new operational hub in Dubai. We also delve into how the Chamber embraces education through training and research, its participation in major international exhibitions, and its active support for both large corporations and small businesses.

Looking towards tomorrow, Mr. Mohamed shares his vision for broadening AACCI’s reach emphasizing the importance of the on-ground operations and cultural understanding in building business connections.

-Could you elaborate on the Australia Arab Chamber of Commerce & Industry, including its objectives and main areas of focus?

The Australia Arab Chamber of Commerce & Industry (AACCI) plays a fundamental role, in promoting business partnerships and trade between Australia and the 22 Arab countries. As a member of the Union of Arab Chambers affiliated with the Arab League, AACCI focuses on strengthening trade and investment ties, across these countries.

To nurture these connections effectively AACCI has outlined four objectives: facilitating trade and investment activities, certifying documents, educating stakeholders, and offering marketing assistance.

Our initiatives are designed not only to empower trade and investment endeavors but to also ensure engagement with specific sectors that drive these activities. With an understanding of the characteristics, strengths and preferences of each country, AACCI prides itself on its specialized knowledge customized to suit the distinct business environments of these nations.

– As the AACCI approaches its 50th anniversary, what have been some of the key milestones and achievements?

I believe one of AACCI’s accomplishments is the opportunities it has opened up for numerous Australian companies to access markets, in the region. Moreover, the strong bilateral trade relationship that has developed between Australia and the 22 Arab nations over the five decades has led to trade transactions amounting to billions of dollars.

This extensive trade covers industries such as food and beverages, luxury hotels and many more services. Each successive generation, within AACCI has built upon the foundation laid by its predecessors enriching their knowledge base and expanding their range of services.

– How does the AACCI leverage its diverse leadership team to enhance trade and investment opportunities between Australia and the Arab region?

Since taking on the role of chairman, my main focus has been on expanding our presence in the region. This led to the idea of opening an office in Dubai, which symbolizes our dedication to deepening our engagement in that area. We have successfully secured the license to open our first office in Dubai after 50 years, which will serve as a gateway to the GCC and North Africa.

I strongly believe that building two-way trade and investment ties requires more than a degree of business connectivity; it demands having local representatives present in each region. With trends emphasizing strategies the value of face-to-face engagements cannot be overstated.

Setting up offices in the region is essential for the Chamber to truly serve as a link and support system for business activities. Ultimately this expansion will bring benefits to our members and partners by providing them with access, to dynamic markets and diverse prospects.

– Can you discuss the significance of AACCI’s role in cultural and business exchanges between the two regions?

The importance of understanding cultures in our operations cannot be overstated. To address this, we have included a training platform within the Chamber to strengthen our cultural awareness initiatives. This new program offers our members access to modules on our website focusing on global business practices.

Furthermore, we have set up a Center of Excellence specifically dedicated to researching areas like food security and cultural awareness. These research endeavors are essential for promoting knowledge between the two regions.

By combining the resources of the Center of Excellence, our training resources, and the forthcoming local office in Dubai, we’re providing cultural awareness not only in the region but also in Australia. This approach ensures that our members are well equipped and knowledgeable boosting their effectiveness and involvement, in markets.

– What is the objective of your on-ground presence at conferences and events?

Participating in conferences and on ground events is very important for increasing awareness in industries like construction where knowledge of opportunities in the Arab world may not be widespread. When we see projects such as NEOM or notice the construction boom happening in the region it becomes important for organizations like the Chamber of Commerce to highlight these prospects. By taking part in large scale expos such as the Sydney Build Expo we position ourselves at the forefront of these advancements.

Our presence at these events enables interaction giving entrepreneurs a chance to visit our booth engage in discussions and learn more about the region in an approachable and personalized manner. This plays a role in simplifying the process and making opportunities concrete.

– With such a diverse membership base, how does AACCI tailor its services to meet the needs of both large corporations and small startups?

When it comes to discussing business it’s important to grasp how influence and vision come into play. Businesses looking to expand are often motivated by a desire to achieve something whether they are big companies or small enterprises. Small businesses typically aim to raise their brands profile while larger corporations seek recognition and market dominance.

Standing out in this area can be tough mainly because the key driving force is the passion to showcase the brand and products on a platform. This determination serves as a motivator for entrepreneurs.

At the Chamber we make a point of recognizing the needs of both big and small players by understanding each members individual situation. We ensure that every member is well informed about the opportunities and risks that come with expanding. For small businesses, this means being aware of the financial demands, while large businesses are advised on the necessity of both financial and emotional resilience.

– How does AACCI plan to expand or evolve its services in the coming years to further support its members?

The importance of having resources on the ground cannot be emphasized enough. Having local staff is key to establishing connections with the communities we serve. Without a presence in the area staying updated on events and activities becomes quite challenging.

This is why, as I’ve mentioned before, we have established an office in Dubai, staffed with personnel dedicated to supporting our members. This local office will help us effectively bridge the gap between Australia and the Arab world. And our members will benefit from insights and assistance from someone who truly knows the landscape.

In Australia we have equipped offices throughout the country staffed by individuals who play a significant role in our operations. This strong domestic network complements our efforts ensuring that we provide support to our members both locally and globally. This strategic approach is crucial, for nurturing business relationships and fostering continental understanding.

 

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