‘90% of private companies owned by families’: Dubai launches initiatives to empower family businesses
- Date: 23-Jul-2023
- Source: Khaleej Times
- Sector:Financial Services
- Country:UAE
‘90% of private companies owned by families’: Dubai launches initiatives to empower family businesses
These businesses also serve as major employers, providing livelihoods to over 70 per cent of the private sector workforce
Published: Sun 23 Jul 2023, 3:17 PM
The family business, which already contributes over 40 per cent of the emirate's GDP, is poised to receive additional support to expand the sector, ensuring its preservation and growth.
A roadmap is also in place to attract family businesses and ultra-high-net-worth individuals (UHNWIs) from across the world that will help bolster the economy.
As per a report from the UAE Ministry of Economy, an astounding 90 per cent of private companies in the UAE are family owned. Not only do these businesses play a vital role in the economy, but they also serve as major employers, providing livelihoods to over 70 percent of the private sector workforce.
Family enterprises are the cornerstone of the UAE economy
Family businesses have played a pivotal role in Dubai's economic diversification by establishing a significant presence in various critical sectors. These sectors encompass real estate and construction, retail and wholesale trade, hospitality and tourism, manufacturing, financial services, healthcare, education, and technology.
The country has ambitious economic objectives
The Dubai Economic Agenda D33, unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime