Published On: 02/09/2020

Dubai, UAE: Dubai Chamber of Commerce and Industry has announced that it has signed a memorandum of understanding (MoU) with the Family Business Council – Gulf (FBCG) that will see the two entities cooperate on a research agenda that meets the changing needs of family business in Dubai.

Earlier today, officials from Dubai Chamber and FBCG met virtually to discuss the main objectives of the strategic agreement, which also include co-organising events and collaborating on collaborating on research and strategic matters related to family businesses in the emirate.

The agreement comes just weeks after with a law was issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, providing a framework for setting up and managing family businesses in Dubai. The new regulation aims to ensure the sustainable growth of family businesses in the emirate and facilitate their contribution to economic and social development.

The virtual meeting was attended by H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber; H.E. Hamad Buamim, President and CEO of Dubai Chamber; Omar Alghanim, Chairman of FBCG; and Omar Al Futtaim, Vice Chairman of FBCG.

H.E. Al Ghurair revealed that Dubai Chamber has been working closely with family-owned companies in Dubai in recent months to address new challenges created by Covid-19, ensure business continuity and provide businesses in this sector the support and resources they need.

Dubai Chamber’s Chairman emphasised the vital contribution of family businesses to Dubai’s economy and said the strategic agreement would provide clarity and valuable insights on key trends and issues impacting family business in the emirate that would help companies make informed business decisions and plan ahead for post-Covid recovery.

“This strategic agreement with the Dubai Chamber demonstrates forward-thinking leadership. With sharp focus on continuity across generations and a passion for innovation, we can further strengthen our family businesses. This agreement will deepen our commitment to research and lay the groundwork for many more partnerships – all with the aim of ensuring that the Gulf economy thrives,” said Alghanim.