DIFC launches region’s first global Family Business and Private Wealth Centre

Dubai International Financial Centre (DIFC) has announced the launch of the first Global Family Business and Private Wealth Centre in the region and worldwide.

The centre will bring together global family-owned businesses, ultra-high net worth individuals (UHNWIs) and private wealth in one hub to help preserve and grow the sector and provide access to a full range of support services to enable strong legacy and succession planning. The centre is also expected to attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.

Operating on an independent basis, the centre’s extensive remit will include providing advisory and concierge services; education and training; outreach and high-end networking; undertaking research and issuing publications and providing dispute resolution assistance. Additionally, accreditation will be granted to businesses and advisors in alignment with DIFC’s rigorous standards.

Members will also benefit from being part of the region’s largest financial ecosystem, DIFC’s common law framework, legal and regulatory infrastructure and flexible range of business structures.

Essa Kazim, Governor of DIFC, said: “Aligning with the UAE government’s commitment to helping family businesses play a prominent role in our society, DIFC is pleased to be launching the world’s first Global Family Business and Private Wealth Centre. The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy. In the next decade, those families and others in the Middle East are expected to transfer Dhs3.67tn to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow.”

Dr Tarek Hajjiri, who has been appointed as CEO for the Global Family Business and Private Wealth Centre, added: “The launch of the Global Family Business and Private Wealth Centre is another key milestone in the development of DIFC’s wealth and asset management sector. In addition, it embodies DIFC’s long-term commitment to offering quality private wealth management services at par with global standards. The new centre will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”

The Global Family Business and Private Wealth Centre has been approved by the DIFC Authority board of directors and due to launch on September 1.

In recent news, US-based asset manager Lord Abbett has received approval from the Dubai Financial Services Authority (DFSA) to operate its first Middle East office from DIFC.

Read: Asset management firm Lord Abbett to open its first Middle East office at DIFC