Skip to content Skip to Search
Skip navigation

UAE family businesses: ‘bigger cake, bigger problem’

Inefficient governance and incomplete succession planning are the two main challenges facing UAE family businesses, says the chairman of Dubai Chambers.

Over the past 50 years family businesses have evolved from being small operations to multi-billion-dollar conglomerates. The sector now accounts for 60 percent of the country’s GDP.

“The bigger the cake, the bigger the problem,” Abdul Aziz Al Ghurair, chairman of Dubai Chambers, said during a video interview with AGBI at the inauguration of the UAE’s Centre for Family Businesses.

Dubai Chambers, along with the government of Dubai, is in the process of setting up an independent family dispute centre to address succession planning issues.

Al Ghurair said that succession often involves convincing founders that their sons and daughters may have different wishes from their own, and emphasising the importance of addressing these concerns before the death of the prime business owner.

“The older generation also paid more attention to men’s participation in the business, while sisters and mothers were sidelined,” he said.

Watch the full video above to learn more about the family business centre, and the Chamber’s views on family business and IPOs.

Latest articles

A tourist with an arabian foal at Alhazm stud, Khubash, Saudi Arabia. 106m tourists visited the kingdom last year

Saudi Arabia hits tourism target seven years early

More than 106 million tourists visited Saudi Arabia last year, surpassing the kingdom’s 2030 target and prompting it to set a new goal of welcoming 150 million annual visitors by the end of the decade, according to the Ministry of Tourism. Achieving the milestone target of the Vision 2030 economic roadmap seven years early cements […]

Asked about reports the IMF loan could rise to $12bn, managing director Kristalina Georgieva said: 'There is nothing wrong in thinking big'

IMF expects bigger loan deal for Egypt within weeks

The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […]

Ericcson and Turkcell signed the 6G agreement at Mobile World Congress in Barcelona

Ericsson and Turkcell to lead 6G research in Turkey

Swedish telecom company Ericsson and Turkish operator Turkcell will begin advancements on research and development of 6G in Turkey. The sixth-generation wireless network will use higher frequencies than its predecessor 5G and provide substantially higher capacity and much lower latency. The advent of 6G networks holds promise of faster connectivity in various sectors including wireless […]

Olam Group said the regulatory framework for listing on the Saudi stock exchange is still being worked out

Olam delays Saudi listing of agriculture unit

Olam Group, which has its headquarters in Singapore, has ruled out listing its agricultural unit on the Saudi stock exchange in the first half of 2024. CEO Sunny Verghese said in August that the company was targeting the dual listing in Singapore and Saudi Arabia in the first half of 2024, which could raise up to […]