Dubai’s Bold Initiatives Pave the Way for Thriving Family Businesses
Dubai, renowned as a global business hub, has taken a resolute step towards empowering family businesses, which have long been a driving force behind the emirate’s economic growth. With a remarkable presence, family-owned enterprises already constitute over 40% of Dubai’s GDP. Recognising their vital role in the local economy, Dubai has unveiled a series of forward-looking initiatives aimed at “future-proofing” these dynastic enterprises.
Sulin Sugathan, the President and Director of Retail at Royal Furniture, a prominent homegrown family-owned business in the UAE, praised Dubai’s visionary move.
“It is wonderful to witness the series of initiatives launched by Dubai to “future-proof” family businesses. This inspiring move emphasises the government’s dedication to supporting and promoting local growth and competitiveness in an ever-changing global economy. Dubai’s strategic geographical location, business-friendly environment, and modern infrastructure make it an ideal global base for family businesses to trade. This initiative holds immense promise for us and our peers, enabling us to tap into high-growth markets and expand our reach internationally.” Said Sulin.
The foreseen exponential growth of financial wealth in the UAE, projected to increase at an impressive annual rate of 6.7% and reach a targeted $1 trillion by 2026, opens up remarkable prospects for family businesses to flourish and make significant contributions to the expanding national economy.
“The UAE home furniture market alone is expected to grow at a steady CAGR of 3.91% during the forecast period from 2023, reaching a total of about USD 2,313.68 million by 2028. With that in mind, the fact that Dubai’s initiatives empower local businesses makes us even more excited for what the future brings. The home furniture industry in the UAE promises excellent potential for growth and opportunities in the coming years. We commend the Dubai government’s forward-thinking approach to fostering a conducive environment for family businesses to flourish, and we are eager to seize the potential this initiative offers to elevate our industry and make a lasting impact on the nation’s prosperity,” Sulin added.
One of the key factors that distinguish Dubai as an ideal base for family businesses is its strategic geographical location. Situated at the world’s crossroads, the city’s business-friendly environment and modern infrastructure make it a prime location for international trade. For family-owned enterprises like Royal Furniture, this translates to an unprecedented opportunity to tap into high-growth markets and expand their reach on a global scale.
As Dubai forges ahead with its ambitious economic agenda, family businesses stand to benefit immensely from the strategic support and resources being deployed to ensure their continued success. With an eye on the future and a commitment to nurturing local enterprises, Dubai is cementing its position as a global epicentre for thriving family-owned businesses.
Dubai’s concerted efforts to empower family businesses underscore the city’s commitment to sustainably drive economic growth while preserving the legacy of these esteemed enterprises. With the support of visionary initiatives, family businesses like Royal Furniture are poised to play an even more significant role in shaping Dubai’s economic landscape and fostering prosperity for generations to come.
Last Updated on 1 year by News Desk 2
