Dubai, UAE – In a significant move towards fostering effective governance standards among family-owned enterprises, the Dubai Centre for Family Businesses, under the umbrella of Dubai Chambers, has introduced the groundbreaking Family Business Governance Assessment Tool. Aimed at empowering family business leaders and owners, this innovative platform facilitates a comprehensive self-assessment of key governance aspects within organizations, contributing to their sustainable success.
The Family Business Governance Assessment Tool incorporates interactive survey tools designed to help family businesses evaluate their existing governance standards and formulate strategies for implementing best practices. Developed in alignment with expert insights and evolving regulatory trends, the platform encourages consistently effective approaches to governance that have proven successful for family businesses globally.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the importance of governance frameworks, stating, “Implementing governance frameworks is a crucial step in achieving effective decision-making and smooth succession that contributes to the continuity of family businesses.” With an estimated AED 3.67 trillion in assets expected to transfer to the next generation in the Middle East over the next decade, Lootah highlighted the tool’s role in preparing family businesses for the future.
The Family Business Governance Assessment Tool offers family businesses a roadmap to enhance their governance practices. By allowing companies to benchmark their performance against peers in Dubai, the tool identifies key governance areas for improvement. Moreover, it can be utilized at regular intervals, enabling family businesses to monitor progress over time.
This initiative is part of the Dubai Centre for Family Businesses’ broader strategy to raise awareness about good governance among family businesses in Dubai. The center aims to preserve the legacy of family businesses for future generations through various initiatives supporting growth and continuity in the emirate’s family business community.
The Dubai Centre for Family Businesses, established to strengthen the family business ecosystem in the emirate, is committed to supporting and nurturing the family business community. By enhancing capabilities in line with global developments, the center aims to unlock sustainable economic growth and ensure the enduring success of family-owned enterprises. The launch of the Family Business Governance Assessment Tool reaffirms Dubai Chambers’ dedication to boosting the competitiveness of family businesses and securing their continuity and sustainable growth in the dynamic business landscape.
