Dubai Government Doubles Down In Attracting Onshore, Offshore Wealth
Can you talk a bit about how Dubai intends to
differentiate itself from other business hubs in attracting
family offices and family run firms?
Dubai and the UAE have differentiated themselves from other business hubs that cater to family-owned business by adopting a proactive and holistic approach to supporting the sustainable growth of this business segment. As a first step, the UAE introduced the Regulation Family Business Ownership Law in 2020, which provided better mechanisms for family businesses to resolve internal issues, facilitate their transition to successive generations and help them prepare to list on the country’s financial markets.
This regulation was followed by the UAE's New Family Business Law which comes into effect in January 2023 and provides a new legal framework to ensure the growth of family-owned businesses, helping them diversify and support their sustainable growth. Aligned with best international practices, the law aims to enhance existing corporate governance structures for family businesses and double family-owned businesses’ contribution to the UAE’s GDP to $320 billion in 2032 by preparing these businesses for the future economy.
In 2022, the UAE Ministry of Economy launched the first-of-its-kind Thabat Venture Builder programme, which aims to transform 200 family business projects into major companies by 2030. The programme, supported by Dubai Chambers, Family Business Council – Gulf, free zones and incubators in the UAE, is designed to enhance the competitiveness of the family businesses by providing them with specialised training and facilitating their adoption of innovative technologies.
Other major competitive advantages include Dubai’s wide range of business structures, attractive free zones, availability of family offices and top talent, low tax environment, 100 per cent foreign ownership, ease of doing business, access to innovative technologies and a fast-growing startup ecosystem.
The Emirate also differentiates itself on the lifestyle front, as it remains one of the world’s most enviable and safest places to live, when compared with competitor cities. An advanced healthcare system, world-class private schools and international curricula, global air connectivity, best-in-class shopping, gastronomy and leisure attractions, and luxury property market options, are just some of the unique selling points that have helped Dubai maintain a steady inflow of top foreign talent, businesses and investors from around the world.