Tuesday 9 August 2022
The Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, has launched the first Global Family Business and Private Wealth Center in the region and worldwide.
DIFC is the first financial center in the world to create a unique offering at a time when an estimated AED 3.67 trillion (USD 1 trillion) in assets will be transferred to the next generation in the Middle East during the next decade.
The initiative aligns with the UAE government's commitment to supporting family businesses, which continue to play a prominent role in accelerating the growth of the country’s economy. It is estimated that only 20% of family businesses are managed by the third generation in the Middle East.
The initiative is in line with DIFC’s 2030 Strategy objectives, which will enable DIFC to double its economic contribution to Dubai’s GDP. The strategy also supports sustained economic growth and further differentiates Dubai as a global hub for leading financial institutions and businesses.
The Center will bring together global family-owned businesses, ultra-high net worth individuals (UHNWIs), and private wealth in one hub to help preserve and grow the sector and provide access to a full range of support services to enable robust legacy and succession planning. The Center is also expected to attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.
Accreditation will be granted to businesses and advisors in alignment with DIFC’s rigorous standards. This will provide confidence to family businesses and wealthy individuals who need to leverage the expertise of a range of partners to make strategic decisions.