Around $1trln in wealth, family businesses in region likely to be transferred to next generation within a decade
Dubai International Financial Center (DIFC) is going to open a new center for global and regional family businesses, ultra-high net worth individuals (UHNWI) and private investors.
DIFC said that approximately 3.67 trillion dirhams ($1 trillion) will be passed on to the next generation in the Middle East over the next decade, and that the Global Family Business and Private Wealth Center will help those who manage family business or wealth.
The new center, which is due to open on September 1 and is considered the first of its kind in the world, will provide services including business accreditation, consulting and concierge services, education and training, advocacy and high-level networking, as well as the production of scientific publications and assistance in dispute resolution.
According to DIFC, approximately 20% of family businesses in the Middle East are run by the third generation. The purpose of the new center is to help the successors understand the issues related to management, succession, property, wealth, family dynamics and strategy in order to ensure a reliable family business and long-term success.
The Center will operate on an independent basis and will accredit enterprises and consultants in accordance with DIFC standards within the framework of the common law system, legal and regulatory infrastructure of DIFC.
The launch of the Global Family Business and Private Wealth Center is another key milestone in the development of the asset management and asset management sector of DIFC," said Dr. Tarek Hajiri, CEO of the Global Family Business and Private Wealth Center.
“In addition, it embodies DIFC's long-term commitment to providing quality private wealth management services at the level of world standards.”
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