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First-of-its-Kind Family Business Index Launched in Abu Dhabi

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The Abu Dhabi Department of Economic Development (ADDED) and United Arab Emirates University (UAEU) have joined forces to launch a groundbreaking initiative: the Abu Dhabi Family Business Index.

What is the Abu Dhabi Family Business Index?

This is the first-ever index of its kind in the region, specifically designed to analyze and rank family-owned and family-controlled businesses within Abu Dhabi.

What will it measure?

The index will delve into a variety of metrics that paint a comprehensive picture of these businesses. This includes traditional factors like revenue and industry, as well as employment figures. But it goes beyond that, by also considering crucial aspects like:

  • Governance structures: How effectively are these businesses managed?
  • Succession planning: Are there clear plans in place for future generations to take over?

Why is this important?

Family businesses are a cornerstone of Abu Dhabi’s economy and society. This index aims to shed light on their true role and impact. Here’s what the initiative hopes to achieve:

  • Provide valuable insights: Investors, policymakers, academics, and even the general public will gain a deeper understanding of family businesses.
  • Shape future strategies: This knowledge can be used to make informed decisions that support the growth and development of these businesses.
  • Strengthen Abu Dhabi’s economy: By understanding family businesses better, the emirate can create a more favorable environment for them to thrive, contributing to economic diversification.

A Collaboration for Success

The partnership between ADDED and UAEU goes beyond just the index. They’ve committed to working together on joint economic research initiatives. This includes exchanging expertise, sharing knowledge through workshops and training, and fostering a culture of research and collaboration within Abu Dhabi’s economic sector.

Moves like this help create a conducive environment for companies to set up and grow in Abu Dhabi. This initiative signifies a major step forward in propelling Abu Dhabi’s research and development efforts, solidifying its position as a hub for innovation and economic growth.

Source: https://www.arabianbusiness.com/politics-economics/added-uae-university-launch-first-family-business-index-for-abu-dhabi

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