The Dubai Chamber of Commerce and Industry, in cooperation with the Gulf Family Business Council and “PwC”, organized a virtual seminar recently on the dynamics of family companies and family disputes and their effects on companies.
The virtual seminar, which was attended by more than 50 participants, is part of the existing cooperation between the Dubai Chamber and the Gulf Family Business Council, after the two sides signed a memorandum of understanding last year to enhance strategic cooperation between them in the field of events, initiatives and research that serve family businesses in the emirate.
Hamad Buamim, Director General of the Dubai Chamber of Commerce and Industry pointed out that family businesses constitute an important component of the business community in the emirate, pointing out that the law promulgated last year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, “may God protect him” in his capacity Ruler of the Emirate of Dubai regarding the organization of family ownership in the Emirate of Dubai, he came to regulate the work of family companies and contribute to the development of a legal framework that takes into account the maintenance of the continuity of family ownership, and strengthens the role that family companies play in achieving economic and social growth.
Buamim pointed out that the current circumstances related to the challenges of the Covid-19 crisis have put pressure on all companies, including family businesses, pointing out that the existence of a clear corporate governance structure is one of the successful and ideal solutions to overcome the differences and challenges facing family businesses to ensure business continuity and inherit ownership and leadership. He considered that open and frank dialogue also between the components of the family contributes to overcoming challenges, indicating that the company’s survival is linked to the ability of its leadership to overcome challenges together.
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