The Dubai Family Business Center, which operates under the umbrella of Dubai Chambers, has provided a model Family Charter guidance. This is part of the Center’s efforts to provide guidance and practical models on the main issues of concern to family businesses, thus helping to improve their growth and development at the level of administrative and operational processes.
The guiding model of the Family Charter is the basis for building sustainable, prosperous and harmonious family businesses, providing an overview of the basic elements and structures that contribute to the long-term success and continuity of family businesses, the foundations that make up family governance mechanisms. The Guide also aims to empower both families and businesses by providing integrated governance structures that form a compass that effectively guides family businesses to address challenges and capitalize on promising opportunities.
The model includes practical examples of effective governance practices, starting from the definition of roles and meeting mechanisms, to the eligibility criteria for joining governance groups in the family business, as these pillars are the fundamental components that will strengthen the structure of any family business and ensure its success and sustainability from generation to generation. It also addresses governance practices specifically designed for family businesses, in addition to an overview of family boards that help increase harmony and ensure continuity.
Through the representative model of the family charter, the Dubai Family Business Center aimed to present mechanisms for developing the family charter and its salient provisions in order to meet the needs of family businesses and achieve their priorities.
As the center has stated, the representative model aims to pave the way for the future and build a shared commitment to family values, establishing common goals and visions, to achieve harmony between family members and involve them in work, to determine a clear direction. and increase loyalty, trust and flexibility within the family business.
It is noteworthy that the Dubai Center for Family Businesses, which operates under the umbrella of Dubai Chambers, was launched in May 2023 to be the organization responsible for ensuring the sustainability and growth of family businesses in the Emirate of Dubai by developing and improving this vital sector. its economic contribution in a way that is useful for the future development plans of the emirate. The center works closely with public and private sector partners and provides support to all family businesses operating in Dubai.
