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The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has successfully concluded a seminar focusing on ‘Uses of Waqf, Foundations, and Trusts in Family Businesses.’
Hosted as part of the centre’s Governance Series, the session attracted the participation of over 40 representatives of family businesses.
The seminar was attended by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and featured an opening speech delivered by Ali Mohammed Al Mutawa, Secretary General of Endowment and Minors' Trust Foundation.
The participants discussed the uses of endowments, institutions, and covenant funds in family businesses to ensure their continuity and sustainability.
Speakers from (Awqaf Dubai) and global law firm Clyde & Co examined the legal background and procedures relating to waqf, foundations, and trusts, together with their advantages in helping to preserve family wealth.
Attendees learned more about the important role these can play in the development and maturity of the family businesses and ensuring their sustainable success.
Mohammad Ali Rashed Lootah commented, “The Dubai Centre for Family Businesses remains committed to enhancing Dubai’s favourable business environment for family businesses and strengthening their administrative and operational frameworks. This comes as part of our efforts to ensure their sustainable legacies by supporting the development of their businesses in line with the emirate’s evolving business and regulatory landscape. Family-owned companies are a vital contributor to Dubai’s economic success and will play a key role in achieving the ambitions of the Dubai Economic Agenda (D33) over the coming decade.”
Ali Mohammed Al Mutawa confirmed that family endowments constitute a type of family business but within legal frameworks. The foundation includes several family endowments, which have been organised according to a specific mechanism, with efforts made to collect, describe, and preserve their documents. Additionally, the foundation ensures their investment and development using the latest investment methods and the highest levels of service and security.
Al Mutawa stated that Awqaf Dubai manages 99 family endowments valued at AED 2.8 Billion. Family endowments act as a safety valve that ensures the future of children and their descendants, and dedicating family endowments to relatives guarantees their continuity and preservation for heirs regardless of circumstances.
He pointed out that the United Arab Emirates has recently witnessed a widespread dissemination of the culture of endowment in general, whether charitable, family, or mixed.
The Governance Series is among the key initiatives launched by the Dubai Centre for Family Businesses and features educational seminars on issues of importance to family businesses. The sessions cover topics ranging from laws and governance frameworks that form the basis of good succession planning to promoting the long-term success of family businesses and enhancing their compliance with regulations and legislation. The series enables participants to learn from other family businesses to help enhance the local ecosystem.
The Governance Series seeks to support family businesses in Dubai to overcome any challenges and expand their activities. Participants benefit from networking opportunities and interactions with local, regional, and international family businesses, who share their success stories spanning multiple generations and enable others to benefit from their experiences.
The Dubai Centre for Family Businesses was launched in May 2023 under the umbrella of Dubai Chambers to ensure the sustainability and growth of family businesses as key contributors to the nation’s economy. The centre is committed to developing this vital sector and enhancing its economic contribution to advance Dubai’s future development plans.
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