Family Wealth Centre launched in Dubai
Dubai International Financial Centre (DIFC) officially opened the world’s first dedicated Family Wealth Centre.
In line with the UAE’s commitment to help family businesses maximise their contribution to the economy, the DIFC Family Wealth Centre will play an important role in supporting family businesses to achieve intergenerational growth and prosperity. The recently enacted UAE Family Business Act and DIFC Family Arrangement Regulations will support the activities of the DIFC Family Wealth Centre.
The invitation-only inaugural event focused on the future of family business and private wealth. His Excellency Abdullah Bin Touq Al Marri, UAE Cabinet Member and Minister of Economy, delivered a keynote speech at the event, highlighting the growth opportunities for family businesses and the support they need to maximise their potential.
The launch of the DIFC Family Wealth Centre was attended by high net worth individuals (HNWIs), ultra-high net worth individuals (UHNWIs), heads of family businesses, wealth and money managers as well as senior officials from private banks and leading professional service providers.
The event discussed the key drivers for the influx of family wealth in the UAE and the strategies family businesses can follow to navigate a rapidly changing world.
DIFC is the first financial centre in the world to create a unique offering for family businesses at a time when an estimated 3.67 trillion dirhams ($1 trillion) worth of assets in the Middle East will be transferred to the next generation over the next decade.
As part of the offering, the Family Wealth Centre provides certification to family businesses regarding their management, ESG standards and other best practices. Family businesses can access a robust network of accredited professional advisors who are experts in family business matters such as succession planning, international legal and tax advice, ESG and sustainability advice, relevant education and leadership programmes, and dispute resolution.
Recognising the need for families to be able to focus their time and energy on business development, Dubai Family Wealth Centre provides concierge services to support their activities. Participants also benefit from belonging to the region’s largest financial ecosystem, the DIFC common law system, regulatory infrastructure and a flexible range of business structures.
#Dubai International Financial Centre (@DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, hosts the official launch of the world’s first dedicated centre for family wealth.https://t.co/g3AurkOqsf pic.twitter.com/OuWa2ID6lq
— Dubai Media Office (@DXBMediaOffice) March 1, 2023
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