DIFC launches first global family business, private wealth centre

The Dubai International Financial Centre (DIFC) is setting up a hub for global and regional family-owned businesses, ultra-high net worth individuals and private wealth.

The Global Family Business and Private Wealth Centre, which is due to launch on September 1, aligns with the UAE Government's commitment to support family businesses.

DIFC is the first financial centre in the world to create this unique offering at a time when an estimated AED 3.67 trillion ($1 trillion) in assets will be transferred to the next generation in the Middle East during the next decade.

It's also in line with DIFC’s 2030 Strategy objectives, which will enable DIFC to double in size and its economic contribution to Dubai’s GDP.

The new Centre will bring together global family-owned businesses, ultra-high net worth individuals (UHNWIs) and Private Wealth in one hub to help preserve and grow the sector and provide access to a full range of support services to enable robust legacy and succession planning.

It's also expected to attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.

Operating on an independent basis, its extensive remit will include providing advisory and concierge services; education and training; outreach and high-end networking; undertaking research and issuing publications and providing dispute resolution assistance.

Members will also benefit from being part of the region’s largest financial ecosystem, DIFC’s common law framework, legal and regulatory infrastructure and flexible range of business structures.

.@DIFC announces the launch of the first Global Family Business and Private Wealth Centre in the region and worldwide. The initiative aligns with the UAE Government's commitment to support family businesses. #Dubai pic.twitter.com/Pc0v9IGtNn

— Dubai Media Office (@DXBMediaOffice) August 8, 2022

Essa Kazim, Governor of @DIFC: The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy. The new Centre will provide specialist, consolidated support to help them grow.

— Dubai Media Office (@DXBMediaOffice) August 8, 2022