Dubai’s Next-Gen Family Business Leaders Prioritize Expansion, Technology Adoption
Under the umbrella of Dubai Chambers, Dubai Family Business Centre (DFBC) conducted a survey to understand the aspirations and strategies of the next generation of family business leaders in Dubai.
Mentioning that the survey was conducted in collaboration with PwC.
And it involved 889 participants from 63 countries, including a group of family business members in Dubai.
Key Priorities:
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Expansion into new sectors and markets: This reflects the ambition of the next-gen to grow their businesses and take them to new heights.
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Business development: This highlights their focus on driving business growth and profitability.
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Adopting new technologies: This demonstrates their understanding of the importance of innovation and digital transformation in today’s business landscape.
Generative AI:
- Strong interest: 87% of young Dubai leaders expressed personal interest in generative AI, significantly higher than the global average of 82%.
- Familiarity: Two-thirds of young Dubai leaders feel personally knowledgeable about generative AI, compared to 53% globally.
- Perceived impact: 32% of respondents believe generative AI will increase their company’s profitability in the next 12 months, exceeding the global average of 21%.
Succession Planning:
- Awareness: 42% of respondents reported having succession plans in place for their family businesses.
- Involvement: However, many respondents were not involved in creating these plans.
- Family protocols: The majority of respondents found it easy to understand the various aspects of their family protocols.
- Challenges: 45% of next-gen family business leaders identified the potential retirement of the current generation as a challenge to succession planning.
Overall Outlook:
- Strong understanding of family values and goals: The majority of Dubai family business members can easily understand their family’s values and goals.
- Awareness of rights and responsibilities: They are also aware of their rights and responsibilities as shareholders.
- Leadership aspirations: 87% expressed interest in taking on a leadership role or governance position within the next five years.
- Positive career outlook: The next-gen is optimistic about their career opportunities, including learning and growth opportunities within the family business.
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The next generation of family business leaders in Dubai is a forward-thinking and ambitious group.
They are prioritizing expansion, technology adoption, and innovation to drive the growth and success of their businesses.
While there are challenges related to succession planning, the overall outlook is positive.
As the next-gen is expressing confidence in their ability to lead their family businesses into the future.
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