(MENAFN- Mid-East)
The strategic upskilling initiative is aimed at developing the capabilities of the next generation of family business managers.
·The programme is focused on equipping the future managers of family businesses with the knowledge, skills, and mindset necessary to drive sustainable success.
· Mohammad Ali Rashed Lootah:“Succession planning and governance are among the top concerns for any family-run company. The initiatives launched by the Dubai Centre for Family Businesses are aimed at directly supporting smooth generational transitions. We aim to develop the managerial skills of partners in family businesses, as well as founders, members, and their children.”
Dubai, UAE – The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has launched a new upskilling initiative to assist in the development of the next generation of managers within family businesses. Developed in cooperation with PwC Middle East, the world-class programme is aimed at equipping family business members with the knowledge, skills, and mindset necessary to drive sustainable success and has commenced with 26 participants.
Commenting on the launch of the programme, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated:“Succession planning and governance are among the top concerns for any family-run company. The initiatives launched by the Dubai Centre for Family Businesses are aimed at directly supporting smooth generational transitions. We aim to develop the managerial skills of partners in family businesses, as well as founders, members, and their children.”
His Excellency added:“We are pleased to launch this programme, which aims to empower young members of family businesses to ensure the long-term sustainability of their businesses. The initiative supports some of the centre's key priorities by contributing to smooth managerial transitions, preserving family legacies, and strengthening governance.”
The new upskilling programme will enable participants to learn about the human, technical and digital skills required to create sustained value for their family businesses. The programme will take a deep dive into business challenges, hone practical leadership skills, and empower the next generation to lead their family business successfully in the new world.
The programme consists of four modules delivered over the course of eight days on critical topics including governance, board leadership, entrepreneurship, strategic decision-making, and communication skills.
Highlighting global best practices contextualised for the region and specific businesses, the programme is designed to enable the next generation of managers to effectively balance the needs of the family, business, and ownership. Participants will also develop a detailed understanding of governance systems, as well as the importance of investing in their personal and professional growth to support the sustainable success of their businesses.
Family businesses form the backbone of the UAE economy, accounting for around 90% of all private sector companies. The new initiative creates a valuable opportunity for family businesses to empower their future managers and honour their legacies.
Launched in partnership with PwC Middle East, the programme enables participants to access world-class theory and global best practices for an exceptional learning experience. PwC's experts have extensive experience in advising family business leaders in the GCC and around the world on a variety of factors that are unique to family businesses.
Launched in May 2023, the Dubai Centre for Family Businesses is entrusted with ensuring the growth and long-term sustainability of family businesses in Dubai. With a focus on the empowerment of the family business ecosystem in the emirate, the centre has introduced several initiatives including the Family Business Leadership Development Programme, the Governance Series, and the publishing of a comprehensive set of Governance Guidelines.
Dubai Chambers remains committed to boosting the competitiveness of family businesses, protecting their interests, and investing in their leaders to ensure a sustainable future for them. Through its activities, the centre aims to further develop this vital sector and enhance its economic contribution in support of the emirate's future development plans.
About Dubai Chambers:
Dubai Chambers is a non-profit public entity that supports Dubai's vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.
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