The UAE’s Ministry of Economy (MoEc) organised a ceremony in Dubai to honour the first batch of ‘Thabat’ family business programme that aims to enhance the capabilities of UAE’s family businesses, and enable them to transition to new economic sectors.

The programme, which saw substantial participation from UAE’s family-owned businesses, supports their expansion into foreign markets, especially in areas of healthcare technology and modern digital solutions. 

The ceremony was held in the presence of Abdulla bin Touq Al Marri, Minister of Economy, who said: “We look forward to enhancing cooperation with our partners to encourage more family businesses to join this programme and realise the transformative potential.”

The second batch, 'Thabat2.0', targets family businesses operating in many sectors of the new economy, he added.

During the ceremony, Bin Touq felicitated the top two projects from the programme’s inaugural batch, namely, ‘Apterra’ developed by the Al Serkal family and ‘Nutralis,’ digital platform project by the Al Yusuf family.

He said: “Thanks to the visionary leadership, the UAE has placed great importance on enhancing the growth of family businesses, as they are a major contributor to supporting the competitiveness and sustainability of the national economy.

“In this regard, MoEc has been keen to build an integrated and advanced system for family businesses in the country in accordance with global best practices. Our joint efforts also enabled them to keep pace with future business trends.

“The first comprehensive legislation for the governance of family businesses was issued, with an aim to create a suitable legislative environment for their growth in the country. On top of that, the ‘Thabat’ programme was launched to enhance the UAE's regional leadership in hosting and developing a competitive environment for family businesses in new economy sectors.”

Abdulaziz Al Nuaimi, Assistant Undersecretary for the Commercial Affairs Regulatory Sector at the Ministry of Economy, underlined the ministry’s new vision for 2023-2026, which includes expanding the scope of ‘Thabat’ for upcoming batches over the next three years.

“As part of these changes, financing opportunities will be offered to family businesses that complete the program to support their business growth. Two batches will be accommodated annually, with seven to 10 companies per batch. In addition, participation will also be open for family businesses from overseas to develop projects and products in order to enter the UAE market by 2025, establishing the UAE as the region’s family business hub,” he said.

In her keynote, Henrike Luszick, Founder and CEO of Bridgemaker, said: “Through our partnership with the UAE's Ministry of Economy, we will provide a hands-on approach to venture building, blending legacy preservation with future-forward thinking. This initiative aims to empower the next generation of family businesses, ensuring sustainability and growth in an ever-evolving market landscape,” she added.

During the event, Al Serkal Group presented its project ‘Apterra,’ which is a comprehensive technological solution for managing assets and property maintenance needs.

Al Yousef Group also presented its ‘Nutralis’ project, a multi-faceted digital platform that brings together producers of nutritional supplements that do not require prescriptions with health experts to enhance knowledge exchange and product effectiveness within a highly transparent environment.

The event, which was attended by top government officials and business organisations, featured a panel session on the methodology of building a successful family project, ensuring its sustainability, and raising awareness about the importance of investing in family businesses in new and future economic sectors.

Through its ‘Thabat’ program launched in August 2022, MoEc strives to transform 200 family projects into fast-growing companies over the next decade. Family businesses represent 90% of the total number of private companies in the country and contribute 40% to the UAE’s GDP.

The family-owned businesses that attended the ceremony include: Abdullah Al Ghurair Group of Companies, Essa Al Ghurair Investment, Al Shafar Investment Group, Bin Hindi Enterprises Group, Al Fardan Group, Ali & Sons Group, Annex Investments, J&F Holdings, Alfahim Group of Companies, Al Masaood Oil & Gas, Damac Properties, Bin Omeir Group of Companies, Hindawi Excellence Group, Al Hussan Holding, Al Siddiqi Holding, Emirates Flags and Flag Poles Trading, White Rock Minerals, Almana Hospitals, Tharawat Family Business Forum, CEO Clubs Network, Jashanmal Group, Mazrouei International, and Saif Belhasa Holding. – TradeArabia News Service