Dubai Center For Family Businesses Launches 2Nd Dubai Family Business Management Programme In Collaboration With MBRCLD

(MENAFN- Mid-East Info) Saeed Al Etr: The programme equips the next generation of family business leaders with essential skills to improve their management efficiency and develop their leadership potentials.

• Mohammad Ali Rashed Lootah: Enhancing the readiness of second-tier of family business leaders through advanced global training methods.

The Dubai Centre for Family Businesses, operating under Dubai Chambers, has launched the second edition of the Dubai Family Business Management Programme, in collaboration with the Mohammed bin Rashid Center for Leadership Development.

The programme aims to empower and develop second-tier management skills of family business leaders to ensure business continuity through effective succession planning.

It also seeks to enhance leadership skills and promote best practices in governance, ensuring the long-term sustainability of family businesses.

The second edition of the programme follows the remarkable success of its inaugural launch by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, in October 2023.

The programme's first cohort graduated in September of this year, marking a significant milestone in preparing the next generation of family business leaders.

The Dubai Family Business Management Programme distinguishes itself as a world-leading educational initiative through its unique combination of high-quality, specialized education and academic expertise. This creates an exceptional learning experience, enriched by unparalleled networking opportunities fostered within a culture of teamwork and collaboration. The program's interactive and dynamic approach ensures an unparalleled educational journey, setting a new benchmark for excellence in leadership development.

The second edition, featuring 29 second tier management of family businesses, begins with a three-day training program led by distinguished International Institute for Management Development (IMD) professors. This marks the start of an extensive journey continuing through January 2025, encompassing virtual sessions, one-on-one mentoring, and culminating in a week-long training session in Switzerland, where participants get to meet representatives of Swiss family businesses, including AP.

The collaboration with IMD leverages the institute's renowned expertise in family business development, honed since 1990. IMD contributes to the success of family businesses by offering advanced courses and tailored solutions that address the industry's specific challenges and promote long-term sustainability.

Participants in the programme will have the opportunity to engage with government officials, gaining a deep understanding of the strategies behind Dubai's development plans, the Dubai Economic Agenda (D33) and Dubai Social Agenda 33.

The programme also explores how family businesses can further contribute to the national economy through strengthened public-private sector collaboration.

The Dubai Family Business Management Programme is designed to meet the evolving needs of leadership transitions within family-owned businesses.

Recognizing that the future sustainability of these companies depends on preparing their next generation of leaders, the programme focuses on developing effective leadership skills.

It aims to ensure a smooth generational transition while reinforcing governance best practices, in line with the strategic goals of the Dubai Centre for Family Businesses.

Future Requirements

His Excellency Saeed Al Eter, Director General of the Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum said:“Recognizing the critical role of family businesses in driving sustainable economic development and achieving the goals of Dubai development plans, the Dubai Family Business Management Programme helps enhance the ability of these companies to achieve long-term growth. The programme equips the next generation of family business leaders with essential skills to improve their management efficiency and develop their leadership potential, ensuring they contribute effectively to the long-term success of their businesses.”

His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized that family businesses are a key pillar of the national economy.

“The Dubai Family Business Management Programme plays a vital role in ensuring the continuity and successful leadership transitions of family businesses. It enhances the leadership skills and readiness of their next-generation leaders through advanced global training methods, equipping them with the tools to manage businesses effectively and adhere to international best practices.,” H.E. Lootah said.“The programme strengthens governance, improves performance, and prepares these businesses to navigate emerging opportunities and challenges, ultimately supporting Dubai's position as a global business leader.”

Developing projects:

The program's second edition offers participants a dynamic learning experience led by world-renowned professors, along with opportunities to network with prominent family business leaders through case studies and site visits. Participants can apply the program's frameworks and concepts to develop their own family businesses, connect with global peers, and benefit from personalized mentoring for self-development.

Leadership Skills:

Furthermore, the program fosters trust and credibility building within the business community, among family shareholders, and with management. Participants gain valuable insights into navigating the evolving personal, family, and management challenges inherent in family business structures. They develop essential leadership skills, including articulating and strategically communicating their vision to engage family members and employees through effective storytelling. The program also emphasizes the crucial role of emotional intelligence in leadership and provides strategies for leveraging strategic advantages to overcome the unique challenges faced by family businesses.

Impact:

The program also equips participants to effectively manage generational transitions and foster seamless intergenerational cooperation. It explores strategies for maximizing positive impact across the family business system, focusing on productive engagement with boards, shareholders, management, and family members.

Established by Decree No. (45) of 2022, the Dubai Centre for Family Businesses plays a crucial role in developing an integrated strategy to support and grow family businesses in the emirate.

It offers a range of services to enhance the sustainability and ownership of family businesses, including providing policy suggestions, incentives, and templates for family business-related documents.

According to 2021 statistics released by the Ministry of Economy, family businesses represent about 90% of the total number of private companies in the UAE. Their investments span various sectors, contributing around 40% to the UAE's GDP and employing more than 70% of the workforce in the private sector.

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