Dubai, UAE: DIFC Family Wealth Centre and MIT Sloan Executive Education, in collaboration with the DIFC Academy, are launching the first ‘Sustaining Family Business Success’ higher education programme in Dubai to provide family businesses in Dubai International Financial Centre (DIFC) and the wider region with world-class education on multi-generational family business success.
The new MIT Sloan Executive Education ‘Sustaining Family Business Success’ programme brings insights and fresh perspectives for family businesses gearing up for growth in Dubai and beyond. The programme explores opportunities, challenges, trends, and strategies for owning a family business as well as leading a broader family enterprise across multiple generations. Course participants will earn an MIT Sloan School of Management Certificate of Completion.
John Davis, Faculty Director at MIT Sloan, commented: “Today’s changing, global landscape requires that family owners redefine what it means to be good stewards of the family enterprise. The traditional view of stewardship as caretaking and passing the family’s legacy is ill-suited to today’s world. Building a future-oriented and agile family enterprise, and growing multiple kinds of value, according to the family’s values, is the new model of family enterprise success.”
Christian Kunz, Chief Strategy, Innovation & Ventures Officer at DIFC Authority, said: “Dubai and DIFC’s dynamic business ecosystem, strategic location, and commitment to innovation make it an ideal hub for family businesses, offering a unique blend of global opportunities and a family-friendly environment that fosters growth and success. We are delighted to offer DIFC Family Wealth Centre members and family businesses access to the latest in education on ‘Sustaining Family Business Success’ in collaboration with MIT Sloan Executive Education and DIFC Academy, as these family businesses upskill to continue their growth journey in the region and beyond.”
The announcement follows a series of initiatives spearheaded by DIFC, the leading global financial centre for the Middle East, Africa, and South Asia (MEASA) region, to ensure family businesses continue to innovate, thrive and succession-plan with confidence.
DIFC launched the DIFC Family Wealth Centre in March 2023, the first in the world to create a unique offering at a time when an estimated AED 3.67trn (USD 1trn) in assets will be transferred to the next generation in the Middle East over the coming decade. DIFC Family Wealth Centre provides a world-first end-to-end service for family businesses with a long-term vision and global ambitions. DIFC also enacted its Family Arrangements Regulations in February 2023 providing tailored services and support for preserving legacies across generations and geographies.
The Family Arrangements Regulations provide comprehensive guidelines for family businesses holding assets and operating in or from DIFC, in support of their succession and legacy planning for future generations. The regulations were drafted to take advantage of the recognition of family business structures in free zones, such as DIFC, and the authority provided in the UAE Decree-Law No. 37 of 2022 (UAE Family Business Law) to keep a special family business register to opt into the requirements and benefits that will be provided for family businesses under the UAE Family Business Law.
Structured around 6 key pillars of Future Vision; Managing Turbulence; Governance; Talent; Succession and Multigenerational Success, the initiative aligns with the UAE Government’s commitment to support family businesses who continue to play a prominent role in accelerating the growth of the country’s economy. It is estimated that only 20 per cent of family businesses are managed by the third generation in the Middle East, hence it is crucial to equip the next generation of leaders with world-class education to ensure long-term success.
For further information on how to enrol visit MIT & DFWC - Sustaining Family Business Success | DIFC Academy or contact the DIFC Family Wealth Centre on email@example.com.
About the Sloan School of Management, Massachusetts Institute of Technology
The MIT Sloan School of Management, based in Cambridge, Massachusetts, is one of the world’s leading business schools. MIT Sloan is devoted to its mission: to develop principled, innovative leaders who improve the world, and to generate ideas that advance management practice. MIT’s motto of Mens and Manus, or Mind and Hand, is at the core of the teaching philosophy at Sloan – it is Learning by Doing that facilitates the discovery of practical solutions to real problems.
Working at the intersection of management and technology, MIT Sloan is uniquely positioned to help family enterprises transform the present and envision the future that is being shaped by technological disruption and innovation.
About DIFC Academy
For over a decade, the DIFC Academy has catered to the learning needs of the DIFC community by serving as a platform for top-ranked educational institutions to deliver professional development and higher education courses within the DIFC. The Academy promotes educational excellence and human capital development within the DIFC community through partnering with some of the world’s most reputable institutions to offer a variety of programmes ranging from short certificate workshops to multi-year graduate degree programmes across the fields of law, finance and management and future skills.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 72 countries with an approximate population of 3bn and an estimated GDP of USD 8trn.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 39,000 professionals working across over 4,900 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations. For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.
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Rasha Mezher | Dubai International Financial Centre Authority
Consultant, Marketing & Corporate Communications