- Family businesses can now enrol to secure their place at the 3-day course held exclusively at DIFC Academy 24 – 26 June 2024
Dubai, UAE; 12 February 2024: DIFC Family Wealth Centre and MIT Sloan Executive Education, in collaboration with the DIFC Academy, are launching the first ‘Sustaining Family Business Success’ higher education programme in Dubai.
This initiative will aid in providing family businesses in Dubai International Financial Centre (DIFC) and the wider region with world-class education on multi-generational family business success.
The new MIT Sloan Executive Education ‘Sustaining Family Business Success’ programme brings insights and fresh perspectives for family businesses gearing up for growth in Dubai and beyond.
The programme explores opportunities, challenges, trends, and strategies for owning a family business as well as leading a broader family enterprise across multiple generations.
Course participants will earn an MIT Sloan School of Management Certificate of Completion.
Redefining Stewardship and Family Business Success in a Changing Landscape
John Davis, Faculty Director at MIT Sloan, commented: “Today’s changing, global landscape requires that family owners redefine what it means to be good stewards of the family enterprise.
Today’s world finds the traditional view of stewardship, which involves caretaking and passing the family’s legacy, ill-suited. Building a future-oriented and agile family enterprise, and growing multiple kinds of value, according to the family’s values, is the new model of family enterprise success.”
Christian Kunz, Chief Strategy, Innovation & Ventures Officer at DIFC Authority, said: “Dubai and DIFC’s dynamic business ecosystem, strategic location, and commitment to innovation make it an ideal hub for family businesses, offering a unique blend of global opportunities and a family-friendly environment that fosters growth and success.
We are delighted to offer DIFC Family Wealth Centre members and family businesses access to the latest in education on ‘Sustaining Family Business Success’ in collaboration with MIT Sloan Executive Education and DIFC Academy, as these family businesses upskill to continue their growth journey in the region and beyond.”
Empowering Family Businesses for Success and Legacy Preservation
The announcement follows a series of initiatives spearheaded by DIFC, the leading global financial centre for the Middle East, Africa, and South Asia (MEASA) region, to ensure family businesses continue to innovate, thrive and succession-plan with confidence.
In March 2023, DIFC launched the DIFC Family Wealth Centre, pioneering a unique offering as the world’s first, at a time when an estimated AED 3.67 trillion (USD 1 trillion) in assets will transfer to the next generation in the Middle East over the coming decade.
The Family Wealth Centre provides a world-first end-to-end service for family businesses with a long-term vision and global ambitions.
DIFC also enacted its Family Arrangements Regulations in February 2023 providing tailored services and support for preserving legacies across generations and geographies.
The Family Arrangements Regulations provide comprehensive guidelines for family businesses holding assets and operating in or from DIFC, in support of their succession and legacy planning for future generations.
The regulations took advantage of the recognition of family business structures in free zones, such as DIFC, and the authority provided in the UAE Decree-Law No. 37 of 2022 (UAE Family Business Law) to establish a special family business register, allowing them to opt into the requirements and benefits provided for family businesses under the UAE Family Business Law.
Empowering Future Leaders: A Holistic Approach to Family Business Success
Structured around 6 key pillars of Future Vision; Managing Turbulence; Governance; Talent; Succession and Multigenerational Success, the initiative aligns with the UAE Government’s commitment to support family businesses who continue to play a prominent role in accelerating the growth of the country’s economy.
Estimates suggest that only 20 percent of family businesses in the Middle East are managed by the third generation. Therefore, equipping the next generation of leaders with world-class education is crucial to ensuring long-term success.
For further information on how to enrol visit MIT & DFWC – Sustaining Family Business Success | DIFC Academy or contact the DIFC Family Wealth Centre at familywealth@difc.ae.
