Abu Dhabi Enhances Family Business Collaborations with Gulf Council

The Abu Dhabi Family Business Council (ADFBC), a sector of the Abu Dhabi Chamber of Commerce and Industry, has formalized a cooperation pact with the Family Business Council Gulf (FBCG), a non-profit aimed at bolstering family businesses within the GCC. This alliance seeks to elevate the sustainability, governance, and global competitiveness of family enterprises, establishing Abu Dhabi as a prime center for private sector leadership and enduring business success.

The agreement, inked during Abu Dhabi Finance Week (ADFW), encompasses vital areas such as leadership cultivation, governance frameworks, succession strategies, and business continuity planning. The councils will facilitate training seminars, symposiums, and benchmarking assessments to tackle the hurdles confronting family businesses in the area while sharing effective practices for strategic growth.

Through this partnership, Abu Dhabi is set to offer specialized programs aimed at grooming next-generation leaders, promote knowledge exchange between local and regional business circles, and host high-profile events that link policymakers, industry experts, and family business champions. This initiative aligns perfectly with Abu Dhabi's economic ambitions, supporting the durability of multi-generational enterprises and affirming their role in regional economic progress.

Family businesses play an essential role in the UAE's economy, accounting for 60% of GDP, employing 80% of the labor force, and representing roughly 90% of private sector firms. Worldwide, these enterprises are responsible for nearly 70% of GDP and employ over 60% of the workforce. This new agreement aims to establish a foundational framework for family businesses in Abu Dhabi and the UAE, promoting sustainable growth while encouraging intergenerational leadership and long-term economic stability.