Dubai International Financial Centre (DIFC) is set to launch a new hub for global and regional family-owned businesses, ultra-high net worth individuals (UHNWIs) and private wealth.

The DIFC said that approximately AED3.67 trillion ($1 trillion) will be transferred to the next generation in the Middle East over the next decade, and that the Global Family Business and Private Wealth Centre will help those managing family businesses or wealth.

The new centre, which is to launch on September 1, and is said to be the world’s first of its kind, will provide services including business accreditation, advisory and concierge services, education and training, outreach and high-end networking, as well as issuing research publications and providing dispute resolution assistance.

An estimated 20% of family businesses are managed by the third generation in the Middle East, DIFC said. The aim of the new centre is to help the successors understand the challenges related to governance, succession, ownership, wealth, family dynamics and strategy, to ensure a solid family business and long-term success.

The centre will operate on an independent basis and will accredit businesses and advisors in line with DIFC standards, under DIFC’s common law framework, legal and regulatory infrastructure.

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," Dr. Tarek Hajjiri, CEO of Global Family Business and Private Wealth Centre said.

“In addition, it embodies DIFC’s long-term commitment to offering quality private wealth management services at par with global standards.”

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)