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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
new regulations include a private registry option, which provides families and their Ultimate Beneficial Ownership’s (UBOs) with the
highest levels of privacy and confidentiality. The same regulations also provide certification for family businesses in DIFC to support
benefits and incentives planned for family businesses in the UAE under UAE Family Business Law.

DIFC Family Wealth Centre – A global knowledge hub for family wealth

In addition to the revised regulatory framework for family businesses, the launch and development of DIFC Family Wealth Centre in
2023 has helped empower families preserve their wealth and legacies for the future, through best-in-class tailored solutions including

asset allocation and portfolio management, governance, succession planning, Sharia compliance as an option, Will registration and
philanthropy.

The Centre is further fortified by its work with the Innovation Hub, which supports next generation owners remain at the forefront of
technological mechanisms and applications.
Benefitting from DIFC’s internationally recognised legal system, which is based on English common law and includes a variety of
structures and regimes, family businesses also gain direct access to accredited advisors, networking opportunities, educational
programmes, and a wide range of experiential events, all within the Centre’s diverse and cosmopolitan community, which includes
some of the city’s top eateries, venues, cultural centres, and lifestyle destinations.

Recently, DIFC Family Wealth Centre and STEP Arabia signed an MOU to foster the common interests in relation to guiding family
businesses on their journey to achieve multi-generational success, and to enhance the know-how of advisers to achieve that
purpose.

As a societal mechanism for wealth distribution, the DIFC Family Wealth Centre is also a win for the local economy since family
businesses are responsible for 60 per cent of the UAE’s GDP, 80 per cent of its workforce and 90 per cent of its private companies.

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