Unleashing Growth: DIFC Emerges as Premier Global Hub for Family Businesses

Government

Unleashing Growth: DIFC Emerges as Premier Global Hub for Family Businesses

Dubai ranked 1st in MEASA region and among the world’s top 22 cities in terms of wealthiest population centres in 2023 with over 68,500 HNWIs. His Excellency Abdulla bin Touq Al Marri, Cabinet Member and UAE Minister of Economy, DIFC leadership and leading family businesses convene to mark DIFC

In a testament to its growing influence in the realm of family wealth management, the Dubai International Financial Centre (DIFC) commemorated the one-year anniversary of its pioneering Family Wealth Centre with an exclusive luncheon event themed 'A Legacy of Excellence'. The occasion was graced by eminent figures including His Excellency Abdulla bin Touq Al Marri, UAE Minister of Economy, and Essa Kazim, Governor of DIFC.

Since its inception, the DIFC Family Wealth Centre has emerged as a beacon for global family businesses, offering a conducive ecosystem for growth and preservation of wealth. Minister Al Marri highlighted the UAE's ambition to become the regional hub for family businesses, underscoring Dubai's pivotal role in this endeavor. He praised the Centre's swift impact in nurturing an ecosystem conducive to prosperity and security for future generations.

Governor Essa Kazim emphasized Dubai and DIFC's rapid ascent as premier destinations for family businesses globally. Reflecting on DIFC's innovative 20-year journey, Kazim reaffirmed the Centre's commitment to providing top-notch resources to its members, thereby empowering families to shape enduring legacies.

Arif Amiri, CEO of DIFC Authority, attributed the Centre's rise to its unwavering commitment to fostering a growth ecosystem. He highlighted DIFC's appeal to family businesses, citing its regulatory transparency, lifestyle offerings, and the world-class DIFC Family Wealth Centre. Amiri underscored the surge in interest for family wealth management, driven by regulatory transparency and confidentiality measures.

The Centre's dedication to regulatory transparency was further exemplified by the introduction of the DIFC Family Arrangements Regulations, aimed at maximizing the contribution of family businesses to the economy. These regulations provide families with the option of a private registry, ensuring the highest levels of privacy and confidentiality.

The launch of the DIFC Family Wealth Centre in 2023 marked a significant milestone in empowering families to preserve their wealth and legacies for the future. Through tailored solutions including asset allocation, governance, and succession planning, the Centre has positioned itself as a global knowledge hub for family wealth.

In addition to its regulatory framework, the Centre collaborates with the Innovation Hub to ensure next-generation owners remain at the forefront of technological advancements. The recent memorandum of understanding (MOU) signed with STEP Arabia underscores the Centre's commitment to guiding family businesses towards multi-generational success.

As a societal mechanism for wealth distribution, the DIFC Family Wealth Centre not only benefits individual families but also contributes significantly to the local economy. With family businesses responsible for a significant portion of the UAE's GDP and workforce, the Centre plays a pivotal role in driving economic growth and prosperity.

In its inaugural year, the DIFC Family Wealth Centre has cemented Dubai's status as a global hub for family wealth, setting the stage for continued growth and innovation in the years to come.