DUBAI: The Dubai International Financial Center has announced the launch of the first global family business and private wealth center.

The center will create a hub for bringing together global family-owned businesses, ultra-high-net-worth individuals and private wealth, according to a press release.

To be working on an independent basis, the center will provide advisory and concierge services, education and training, outreach and high-end networking, besides undertaking research and issuing publications, along with giving dispute resolution assistance.

The center will also grant accreditation to businesses and advisers in alignment with DIFC’s standards, the press release added.

“The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy,” said Essa Kazim, governor of DIFC.

In the next decade, he added, those families and others in the Middle East are expected to transfer 3.67 trillion dirhams ($1 trillion) to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow. 

Tarek Hajjiri, appointed CEO for the Global Family Business and Private Wealth Center said: “The new center will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”

The Global Family Business and Private Wealth Center has been approved by the DIFC Authority Board of Directors and is expected to be launched on Sept. 1, 2022.