DIFC sets up family and private wealth centre

Dubai International Finance Centre (DIFC) has launched what it claims is the world’s first centre for global family business and private wealth centre.

The move is designed to capitalise on the transfer of wealth between families in the region.

Over the next decade, it is estimated that more than $1 trillion of assets will be passed on to the next generation of Middle East investors.

The initiative also follows the UAE government’s stated objective to promote family-run businesses as an important part of the economy. It is estimated that only 20% of family businesses in the region are managed by third generations.

The centre will aim to bring together family businesses, private wealth and ultra-high net worth individuals under one roof in order to establish itself as a hub for the region.

“The new centre will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy,” said Tarek Hajjiri, CEO of the centre.

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