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5/1/24, 2:41 PM Unleashing Growth: DIFC Emerges as Premier Global Hub for Family Businesses - Business - Economy and Finance - Emirates24|7
Last year, DIFC launched the first Family Wealth Centre of its kind in the world to advance and grow its thriving ecosystem for global
family wealth, and support family businesses as they future proof their growth ambitions and succession plans in Dubai and beyond.

To mark the occasion and the tremendous progress made in just over 12 months, His Excellency Abdulla bin Touq Al Marri, Cabinet
Member and UAE Minister of Economy; His Excellency Essa Kazim, Governor, DIFC; and Arif Amiri, Chief Executive Officer of DIFC
Authority, welcomed leading family businesses and advisors to mark the 1-year anniversary of the DIFC Family Wealth Centre at its
inaugural ‘A Legacy of Excellence’ exclusive luncheon.

"The UAE has long been the primary and preferred destination for business and investment in the GCC and winder MENA region.
Similarly, the UAE aims to become the regional centre for family businesses,” said H.E. Al Marri in his keynote remarks addressing
DIFC’s growing community of family businesses and related entities.

"Dubai stands as a pivotal hub for family wealth, offering unparalleled opportunities and resources for growth and preservation. In just
one year, the DIFC Family Wealth Centre has played a crucial role in nurturing this ecosystem. Recognising Dubai's significance as a
global centre for family wealth, the Centre's swift impact underscores its commitment to fostering prosperity and security for
generations to come,” Minister Al Marri added.

His Excellency Essa Kazim, Governor, DIFC, said: “Dubai and DIFC have rapidly positioned themselves as the premier destination
for family businesses worldwide. The exponential growth and expertise witnessed within the Centre, underscores its pivotal role in
shaping the landscape of family wealth.

Today we mark another significant milestone, in the DIFC Family Wealth Centre’s first anniversary, as we also reflect on DIFC’s
innovative 20-year journey that has led us here. We remain dedicated to providing best-in-class resources to our esteemed
members, nurturing enduring legacies and empowering families for generations to come, as we together shape the future of finance”.

Top choice for regional and international family businesses

During his welcome address, Arif Amiri, Chief Executive Officer of DIFC Authority, said: “DIFC’s rise as a global hub for family wealth
stems from its commitment to fostering a growth ecosystem for the wider financial sector. With a strong pursuit of transparency,
regulation, and knowledge-building, DIFC has earned the trust of 230 banks, including 27 of the top 29 globally systemic banks, and
more than 350 highly reputable wealth and asset management firms. This momentum is further fuelled by an influx of family
businesses and related entities drawn to DIFC's lifestyle offerings and its world-class DIFC Family Wealth Centre, which is built for
innovation, succession planning, and future prosperity.”

With more than 440 registered foundations and over 600 active entities affiliated with top family businesses and individuals, DIFC

has seen a surge in interest for family wealth management. Primarily driven by interest for prescribed companies, or private
companies which can be established by a qualifying applicant or for a qualifying purpose, the Centre’s commitment towards
regulatory transparency and family confidentiality supported an 81 per cent surge in single family offices, followed by a 12 per cent
increase in holding companies, year-on-year in 2023.

To further support this growth DIFC also announced its new comprehensive guide ‘Prosperity Across Generations: Unlocking the
Power of DIFC for Families’ to empower families with access to knowledge and expertise on structures, governance, wealth
management, succession and estate planning in Dubai and DIFC.

Innovative and future-forward jurisdiction

Aligned with the UAE’s vision to help family businesses maximise their contribution to the economy, the DIFC Family Arrangements
Regulations were introduced on 31 January 2023 to replace or repeal the Single Family Office (SFO) Regulations. Benefits under the

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