ADDED and UAEU Unveil Abu Dhabi Family Business Index

UAE, 26 June, 2024 : UAE, 26 June, 2024 :  The Abu Dhabi Department of Economic Development (ADDED) and the United Arab Emirates University (UAEU) have signed a Memorandum of Understanding to launch the Abu Dhabi Family Business Index, the first of its kind in the region. This initiative aims to enhance the Emirate's economic intelligence and research infrastructure, offering insights into economic diversification and growth.

The Abu Dhabi Family Business Index will measure and rank metrics related to family-owned and family-controlled businesses in Abu Dhabi, including performance, influence, revenue, industry, employment, governance, leadership gender ratios, succession planning, longevity, and socio-economic contributions. The index aims to eventually expand its scope regionally and globally.

This index will be valuable to investors, policymakers, academics, and the public by providing a comprehensive understanding of the role and impact of family businesses on the economy and society. It will support efforts to increase the contribution of family businesses to economic diversification and growth.

In 2022, Abu Dhabi introduced a family business ownership governance law to enhance its legislative ecosystem, promoting a flexible and sustainable economic model and facilitating generational transitions in line with international best practices.

Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, emphasized the positive contributions of family-owned businesses to economic diversification and innovation. He stated that the index would accelerate growth and innovation in Abu Dhabi.

The collaboration between ADDED and UAEU includes evidence-based economic and financial research, expert exchanges, joint research activities, training, workshops, and sharing research publications. This partnership aligns with their commitment to enhancing Abu Dhabi's research capabilities and strengthening economic cooperation.

Source : www.wam.ae