Dubai Centre for Family Businesses issues ‘Sample Article of Association for Family Businesses’
- Lootah: The Dubai Centre for Family Businesses continues to enhance its efforts and services, striving to achieve its strategic goals and ensure sustainable growth among family businesses in Dubai.
- The Sample Article of Association for Family Businesses can be used as a starting point for families who wish to draft a new Article of Association for Family Businesses or revive their existing ones to align with the family business vision
Dubai, UAE – The Dubai Centre for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample Article of Association for Family Businesses’ to outline effective management and governance procedures, as well as corporate best practices, in a bid to promote growth and continuity among family businesses in the Emirate of Dubai.
The Sample Article of Association for Family Businesses can be used as a starting point for families who wish to draft a new Article of Association for Family Businesses or revive their existing ones to align with the family business vision and incorporate sections of the family constitution into the Sample Article of Association for Family Businesses.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “The Dubai Centre for Family Businesses continues to enhance its efforts and services, striving to achieve its strategic goals, ensure sustainable growth among family businesses in Dubai, enhance their contribution to the national economy, and promote the adoption of governance and best practices.”
The ‘Sample Article of Association for Family Businesses’ outlines a set of options for companies to update their Article of Association and assesses the role these contracts play in mitigating risks associated with disputes, while ensuring business continuity, in line with the long-term vision for both families and companies, and with the specific needs of each company. The Article of Association takes into account the requirements and conditions of family businesses who are registered as limited liability companies (LLCs).
Family businesses make up around 90% of the total number of private companies in the UAE, contributing significantly to Dubai’s non-oil GDP, in addition to employing a large number of workers in the country. Most family businesses in Dubai are 55 to 70 years old, founded in the 1950s and 1960s. The majority of these companies are expected to undergo a smooth generational transition in the next five to 10 years.
The Dubai Centre for Family Businesses was launched under the Dubai Chambers umbrella in May 2023 to ensure the sustainability and growth of family businesses in the emirate, all the while developing this vital sector and enhancing its economic contribution, in line with Dubai’s future development plans.
Mohammad Ali Rashed Lootah: “We believe in the power of public-private sector partnership to achieve the goals of the Dubai Economic Agenda (D33) and the National Food Security Strategy 2051.” The chamber launched eight new Business Groups in 2023 to advance the interests of F&B companies and enhance the private…Read more
Collaborative workshops will focus on building and implementing effective strategic frameworks for the governance of family businesses. The sessions will also introduce the services provided by the centre and the support it provides to elevate the institutional capabilities of family businesses. Dubai, UAE – The Dubai Centre for Family Businesses,…Read more
The meeting was complemented by a site visit to the city’s Fruit and Vegetables Market following an invitation from local traders. The chamber is committed to advancing the interests of Dubai’s dynamic business community as a key strategic priority. Dubai, UAE – Dubai Chamber of Commerce, one of the three…Read more
Mohammad Ali Rashed Lootah: “One of the chamber’s key roles is to actively support the evolving needs of Dubai’s dynamic business community. This webinar was aimed at enhancing awareness on key legal changes that affect companies operating in the emirate and contributing towards developing a business environment conducive to sustainable…Read more
The most important value-based drivers include a commitment to ethical business practices, social responsibility, and demonstrating leadership in ESG. Mohammad Ali Rashed Lootah: “The success achieved recently by Dubai and the UAE in hosting the COP28 summit reflects the continuing drive to adhere to sustainable and responsible development.” “We are…Read more