Family businesses account for 80 percent of the workforce in the UAE Capital, according to a top official from the Abu Dhabi Chamber, who spoke on Thursday.
Shamis Ali Al Dhaheri, second vice-chairman of the trade body, emphasized the significance of family businesses and the necessity to support them during the Abu Dhabi Business Week. "Succession is a critical issue among family businesses and is frequently discussed at high-level meetings," he noted.
The Abu Dhabi Family Business Council was launched on Wednesday to specifically guide these businesses and assist the next generation of their leaders. The council aims to help family-owned businesses identify their priorities and challenges, offering support through innovative solutions and investments.
Family businesses in Abu Dhabi, and the UAE as a whole, play a substantial role in the economy and employment in the private sector. The Dubai Chamber reported that up to 90 percent of private companies in the country are family businesses, employing more than 70 percent of the private sector's workforce.
"I encourage family owners to share information and explore the laws that will provide significant advantages in succession," Al Dhaheri said. "The Abu Dhabi Government has implemented several programs, such as educating the next generation on becoming effective partners, with some showing positive outcomes... [Local authorities] have been advising shareholders on how to be good family members and shareholders. The establishment of our Family Business Council is a strong statement," the official added.
The newly launched Family Business Council's initial focus is on assisting with succession planning and preparing future generations. Khalid Al Fahim, a board member of the Abu Dhabi Chamber, highlighted that family businesses have always been integral to the economy's growth. These companies are investing in startups and technology firms to stay current with advancements and changes in the business environment, he noted.
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