High-rise tower buildings are pictured along the central Sheikh Zayed Road in Dubai on July 3, 2023. (PHOTO / AFP)

DUBAI - The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has launched the Family Business Governance Assessment Tool.

The innovative new platform is designed to help family businesses self-evaluate the maturity of key aspects of governance within their organizations and contribute to their sustainable success.

Developed in alignment with expert insights and evolving regulatory trends, the platform promotes consistently effective governance approaches adopted by family businesses globally

Aimed at supporting family business leaders and owners, the comprehensive self-assessment platform introduces interactive survey tools that enable family businesses to evaluate their existing governance standards and formulate strategies for implementing best practices.

ALSO READ: Carbon initiative launched at COP28 in Dubai

Developed in alignment with expert insights and evolving regulatory trends, the platform promotes consistently effective governance approaches adopted by family businesses globally.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Implementing governance frameworks is a crucial step in achieving effective decision-making and smooth succession that contributes to the continuity of family businesses. With an estimated AED3.67 trillion (around $1 trillion) in assets expected to be transferred to the next generation in the Middle East over the coming decade, ensuring smooth leadership transitions and strengthening governance are key priorities in preparing family businesses for the future.”

The Family Business Governance Assessment Tool helps family businesses develop a roadmap to enhance their governance practices.

READ MORE: UAE vice-president attends Arab Strategy Forum 2024

The tool enables companies to benchmark their performance against other family businesses in Dubai and identify key aspects of governance where improvements are needed. It can also be used regularly to allow family businesses to monitor their progress over time.

Working towards preserving the legacy of family businesses for future generations, the center has introduced several initiatives to support the growth and continuity of family businesses in the emirate.