DIFC launches First Global Family Business, Private Wealth Centre

DIFC launches First Global Family Business, Private Wealth Centre

DUBAI, 8th August, 2022 (WAM) -- The Dubai International Financial Centre (DIFC) announced the launch of the first Global Family Business and Private Wealth Centre (Centre) in the region and worldwide.

DIFC is the first financial centre in the world to create a unique offering at a time when an estimated AED3.67 trillion ($1 trillion) in assets will be transferred to the next generation in the Middle East during the next decade.

The initiative aligns with the UAE Government's commitment to support family businesses, which continue to play a prominent role in accelerating the growth of the country’s economy. It is estimated that only 20 percent of family businesses are managed by the third generation in the Middle East. It is crucial to educate those who face challenges related to governance, succession, ownership, wealth, family dynamics and strategy to ensure a solid family business and long-term success.

The initiative is in line with DIFC’s 2030 Strategy objectives, which will enable DIFC to double in size and its economic contribution to Dubai’s GDP. The strategy also supports sustained economic growth and further differentiates Dubai as a global hub for leading financial institutions and businesses.

The Centre will bring together global family-owned businesses, ultra-high net worth