Maktoum bin Mohammed signs Dubai Chambers-DIFC Family Wealth Centre MoU

First Deputy Ruler of Dubai, Deputy Prime Minister, Finance Minister, and President of the Dubai International Financial Centre (DIFC) H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum was present for the signing of a Memorandum of Understanding (MoU) between the Dubai Chambers' Dubai Centre for Family Businesses and the DIFC Family Wealth Centre.

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Mohammad Ali Rashed Lootah, the president and chief executive officer of Dubai Chambers, and Arif Amiri, the CEO of the DIFC Authority, signed the Memorandum of Understanding (MoU), which aims to help family companies and increase their worldwide footprint.

Essa Kazim, the governor of the Dubai International Financial Centre, and Abdul Aziz Abdulla Al Ghurair, chairman of the Dubai Chambers, also attended the signing event.

In accordance with the agreement, the Dubai Centre for Family Businesses and the DIFC Family Wealth Centre will collaborate on training and education initiatives as well as collaborative events and marketing campaigns.

The MoU explains how the two parties will work together to define strategies for cooperating with pertinent municipal and federal authorities. Together, they are working to provide strategic recommendations that will support the adoption of family company governance standards that meet the highest grades (AA to AAA*) set out by the Family Wealth Centre.

This action aims to motivate family businesses to adopt world-class environmental, social, and governance (ESG) standards, Sharia-compliant standards, and other practises that have a positive impact on communities and contribute to sustainable development in order to establish a global presence.

Access to the Family Office Club to improve international and commercial communications, recommending business structures and models adopted by DIFC for succession planning, and adopting certification and accreditation programmes for family business advisors are just a few examples of the other areas of cooperation between the DIFC Family Wealth Centre and the Dubai Centre for Family Businesses.

As a result of this partnership, Dubai Chambers has accepted DIFC's rules and frameworks regarding succession planning, family companies, and adviser accreditation and certification. Additionally, it has accepted the DIFC's family company grading system, which adheres to best practises throughout the world.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, issued the instructions for the establishment of the Dubai Centre for Family Businesses, which operates under the auspices of Dubai Chambers.

The Centre offers an integrated system of consultation and training programmes focusing on strategic areas of interest to family businesses, such as adopting good governance, succession planning, and next generation training and development. It was recently inaugurated by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. By safeguarding their interests, regulating their operations, and investing in their leaders to guarantee a sustainable future, Dubai Chambers is committed to enhancing the competitiveness of family companies.

The DIFC Family Wealth Centre supports the expansion and profitability of family companies, operating in accordance with the UAE's goals to increase the contribution of family enterprises to the national economy.

The Centre serves as a complete platform that helps family companies safeguard their continuity and heritage from generation to generation. It confers compliance accreditation in a variety of fields, including corporate governance and ESG practises.

Access to a reputable network of certified family business professionals is also made available, including advisers and consultants with expertise in succession planning, legal matters, international taxation, sustainability and ESG, learning and leadership, and conflict resolution.

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