For many, Dubai is a byword for wealth. And with good reason. According to the World’s Wealthiest Cities Report 2023, there are over 68,500 individuals with at least US$1 million in liquid assets, 206 with a net worth of at least US$100 million, and 15 billionaires.
But did you know family businesses are responsible for 60% of the UAE’s GDP, 80% of its workforce and 90% of its private companies?
To maintain this family reputation, the Dubai International Financial Centre (DIFC) launched the Family Wealth Centre, which recently celebrated its first anniversary.
To continue the emphasis on family business, the DIFC has announced a guide called ‘Prosperity Across Generations: Unlocking the power of DIFC for families’ to encourage wealthy families, and those with family-owned businesses, to consider Dubai.
“The UAE has long been the primary and preferred destination for business and investment in the GCC and wider MENA region. Similarly, the UAE aims to become the regional centre for family businesses,” said UAE's Minister of Economy Al Marri in keynote remarks during an event to mark the first anniversary of the Family Wealth Centre.
"Dubai stands as a pivotal hub for family wealth, offering unparalleled opportunities and resources for growth and preservation. In just one year, the DIFC Family Wealth Centre has played a crucial role in nurturing this ecosystem. Recognising Dubai's significance as a global centre for family wealth, the Centre's swift impact underscores its commitment to fostering prosperity and security for generations to come,” Al Marri added.
The DIFC Family Arrangements Regulations are another aspect of Dubai’s family focus.
“The Family Arrangements Regulations provide guidelines for family businesses and entities controlled by families holding assets and operating in or from DIFC,” the DIFC said.
It includes “a special family business register to opt into the requirements and benefits that will be provided for family businesses under the UAE Family Business Law”.
Benefits include private registry options, so families and their Ultimate Beneficial Ownership (UBOs) have increased levels of privacy and confidentiality.
The benefits for family business in Dubai are wide and rich. Would you consider moving your family business to Dubai?