UAE unveils key initiatives to bolster family firms

UAE unveils key initiatives to bolster family firms

The UAE, the second-largest hub in the Middle East for family-run businesses after Saudi Arabia, has launched a unified registry for family firms as part of a series of measures aimed at doubling this key sector’s contribution to the nation’s gross domestic product to $320 billion by 2032.

The registry will serve as a comprehensive and unified database containing all information related to family companies in the country, the Ministry of Economy said in a statement. The registry is part of efforts to enhance the governance of these businesses and streamline their operations.

Family businesses currently account for nearly 90 per cent of the UAE’s private sector firms, and contribute 40 per cent of the national economy.

Abdulla bin Touq Al Marri, UAE Minister of Economy, said the introduction of the Family Charter is key to the success and continuity of future generations of family companies as it defines the rules of family ownership, goals and values, including mechanisms for assessing quotas and distribution of profits.

The minister said the registry would bolster family businesses’ sustainability and leadership and solidify the UAE's position as a leading destination for local, regional and global family companies.

“The launch of the unified registry for the sector is an