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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 percent surge
in single family offices, followed by a 12 percent 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 31st January 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.

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.

https://www.msn.com/en-ae/news/other/difc-emerges-as-premier-global-hub-for-family-
businesses-home-to-120-of-worlds-wealthiest-families-individuals/ar-AA1nS8Mg