Dubai Center discusses Waqf, Foundations, and Trusts in Family Businesses

Photo : Dubai Government Media Office

The Dubai Centre for Family Businesses, operating under Dubai Chambers, successfully concluded a seminar focused on the 'Uses of Waqf, Foundations, and Trusts in Family Businesses.' Held as part of the Governance Series, the event attracted over 40 representatives from family businesses.

His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and His Excellency Ali Mohammed Al Mutawa, Secretary General of Endowment and Minors' Trust Foundation, were prominent figures at the seminar. They emphasized the significance of using endowments, foundations, and trusts in family businesses to ensure their longevity and sustainability.

Speakers from Awqaf Dubai and global law firm Clyde & Co provided insights into the legal aspects and operational procedures related to waqf, foundations, and trusts. They highlighted the advantages of these structures in preserving family wealth and facilitating the growth of family enterprises.

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Mohammad Ali Rashed Lootah underscored the center's commitment to enhancing Dubai's business environment for family businesses. He emphasized the role of these businesses in Dubai's economic success and their contribution to achieving the goals outlined in the Dubai Economic Agenda (D33).

Ali Mohammed Al Mutawa elaborated on the role of family endowments managed by Awqaf Dubai, totaling 99 and valued at 2.8 Billion Dirhams. He emphasized that these endowments are crucial for securing the future of descendants and ensuring their financial stability regardless of external circumstances. Al Mutawa also noted the growing adoption of endowment culture in the UAE, encompassing charitable, family, and mixed endowments.

The Governance Series, a key initiative by the Dubai Centre for Family Businesses, aims to educate family businesses on governance frameworks, succession planning, and compliance with regulations. It provides a platform for knowledge exchange and networking among local, regional, and international family businesses, fostering a supportive ecosystem for their sustained growth.

Launched in May 2023, the Dubai Centre for Family Businesses is dedicated to bolstering the role of family-owned enterprises in Dubai's economy. It seeks to enhance their economic impact and support their development through tailored initiatives and strategic support.