The Dubai International Financial Centre (DIFC) has launched a global family business and private wealth centre to help individuals and families in the region and worldwide.
The centre will provide global family-owned businesses and ultra-high net worth individuals (UHNWIs) access to a range of private wealth support services to enable legacy and succession planning.
The DIFC hopes the centre helps attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.
The features of the centre include advisory and concierge services; education and training; outreach and high-end networking; undertaking research and issuing publications and providing dispute resolution assistance.
It will become operational on 1 September 2022. Tarek Hajjiri has been appointed chief executive for the global family business and private wealth centre.
Trillions of wealth
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 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 AED3.67trn (£820m, $1trn, €980m) to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow.”