The Dubai Centre for Family Businesses has published the ‘Sample Family Constitution,’ a new toolkit for family-owned enterprises. The launch, the Centre said, is part of its efforts to provide practical support to family businesses and aid in enhancing key administrative and operational frameworks.
Family businesses make up a significant chunk of companies in the UAE, comprising up to 90 per cent, employing more than 70 per cent of the sector’s workforce and contributing roughly 40 per cent of GDP.
The Toolkit offers a detailed overview of the key elements, structures and governance frameworks that contribute to the longevity of family-owned enterprises.
The Sample Family Constitution Toolkit highlights practical examples of common governance practices, ranging from defining the roles of family members and meeting mechanisms to the eligibility criteria for various governance groups within family business structures.
The Dubai Centre for Family Businesses launched under the umbrella of Dubai Chambers in May 2023. It works with public and private sector partners and supports family businesses operating in Dubai.