UAE to turn 200 family businesses into major companies

Tuesday, 20 September 2022 10:44

By ARN News Staff

The UAE's Ministry of Economy has launched an initiative to turn family businesses into major companies by 2030, with a market value exceeding AED150 billion and annual revenues of AED18 billion.

The 'Thabat' programme, which will empower UAE-based family businesses to diversify into new economic sectors, will be presented to potential investors at the end of the five-month programme.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, highlighted how "family businesses represent one of the key pillars of the UAE’s economic vision and strategy, and are among the highest priorities on the country’s development agenda".

‘Thabat’ will assist companies in transforming their ideas into viable business projects with the support of advanced technologies, help them enter sectors outside their traditional fields, and encourage them to embrace advanced knowledge-driven industries such as artificial intelligence (AI), biotechnology, agricultural technology, space sciences and renewable energy.

The Ministry has invited interested companies to apply to join the programme.

Under the directives of @HHShkMohd, @MaktoumMohammed launches ‘Thabat’, a programme organized by @Economyae aimed at boosting the growth, sustainability and continuity of family-owned businesses. pic.twitter.com/IB36jTnkqq
— Dubai Media Office (@DXBMediaOffice) September 19, 2022

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