A  Global Family Business and Private Wealth Centre at DIFC

The Dubai International Financial Centre is planning to establish a Global Family Business and Private Wealth Centre by the year 2030. The free zone aims to double its contribution to the economy of Dubai, via the new centre.

Family businesses and ultra-high net worth individuals (UHNWIs) i.e., people with a net wealth of $30 million or more from regional as well as international markets are expected to flock into the centre. A primary advantage of bringing together global family-owned businesses, private wealth offices and UHNWIs under one umbrella is that it helps in the growth of the sector and it also provides access to a full range of support services.

There has been a rapid growth in the financial wealth in the country and it is expected to increase at a compound annual rate of 6.7 per cent to $1tn in 2026, states reports. The growth in financial and real assets is the reason behind this expansion.

According to Tarek Hajjiri, who will lead the centre as chief executive, the establishment of the new centre is “another key milestone in the development of the DIFC’s wealth and asset management sector. It embodies the DIFC’s long-term commitment to offering quality private wealth management services at par with global standards.”

With the establishment of the centre, the UAE government intends to support family businesses along with helping DIFC achieve its 2030 Strategy objectives. The new centre will function on an independent basis and it will provide advisory services, educate and train; hold outreaches and high-end networking, conduct research and assist in solving disputes.

“It is estimated that only 20 per cent of family businesses are managed by the third generation in the Middle East and it is crucial to educate those who face challenges related to governance, succession, ownership, wealth, family dynamics and strategy to ensure a solid family business and long-term success”, the DIFC said.

The centre will play a “unique role in guiding family businesses” in governance, succession, ownership, wealth, family dynamics and strategy added Mr Hajjiri.

The Dubai International Financial Centre (DIFC) was established to help Dubai achieve its strategic goal of strengthening its financial assets and attracting cash and investment to the area. Jumeira Consultants will help entities set up their business in DIFC.