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5/1/24, 2:41 PM DIFC: Dubai home to over 120 of world’s wealthiest families, 206 centi-millionaires and 15 billionaires - Arabian Business: Latest Ne…
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.

Aligned with the UAE’s vision to help family businesses maximise their contribution to
the economy, the DIFC Family Arrangements Regulations were introduced on January

31 2023 to replace or repeal the Single Family Office (SFO) Regulations.

Benefits under the 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.

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.

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