‘We need Dubai’s family businesses to govern their futures better’: Osama Seddiqi

‘We need Dubai’s family businesses to govern their futures better’: Osama Seddiqi

Dubai: An eye-watering $1 trillion worth of assets held by families and family-owned businesses in the Gulf is forecast to pass from one generation to the next over the coming 10 years.

That’s a number of people - bankers, consultants, family offices - in the know agree upon, give or take a few million here and there.

Of this $1 trillion, a sizeable share will pass on as succession in Dubai and the UAE. Osama Ibrahim Seddiqi wants to make that process as smooth as possible - and, as important, involve all members of a family business in the generational shift.

This comes from Seddiqi’s recently minted role as Chairman of the Family Business Advisory Committee formed under the Dubai Chamber.

“In the past, when it was the father and the son or children, the communication was easy,” said Seddiqi. “Taking decisions on behalf of the business was much easier. Now it’s bigger.

“We need UAE’s family businesses to govern their futures better as it’s becoming more complex. That’s why it’s important to make them aware of where the business is at and how to grow it.

“We would like all the families to have a governance system, so that if there is any conflict in