The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has launched a new upskilling initiative help develop 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.

 

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “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.”

 

Business sustainability

He added: “This programme 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 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. 

 

It 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.

 

Effective balance

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.--TradeArabia News Service