UAE Launches First-Ever Family Business Index
The Abu Dhabi Family Business Index is the first of its kind in the region.
The Abu Dhabi Department of Economic Development (ADDED) has partnered with United Arab Emirates University (UAEU) to launch the Abu Dhabi Family Business Index, the first of its kind in the region. This partnership aims to enhance economic intelligence and research infrastructure in the emirate.[1]
The Abu Dhabi Family Business Index will measure and rank various metrics related to family-owned and family-controlled businesses in Abu Dhabi, such as performance, influence, revenue, industry, employment, governance structures, leadership gender ratios, succession planning, longevity, and overall contribution to socio-economic development. There are plans to expand the index's scope to include the wider region and the world.
This index will offer a comprehensive understanding of the role and impact of family businesses on the economy and society. It is expected to shape future strategies and decisions, supporting efforts to increase the contribution of family businesses to economic diversification and growth.
In 2022, Abu Dhabi issued a family business ownership governance law to enhance the legislative ecosystem, adopting a more flexible and sustainable economic model. This facilitates the transition to successive generations in line with international governance practices.
The memorandum of understanding (MoU) between the ADDED and the UAEU also includes cooperation in evidence-based economic and financial research, exchanging experts to support knowledge sharing, joint research activities, training and workshops, and sharing research publications.
The UAE advanced three spots to rank 7th globally in the 2024 World Competitiveness Report by the International Institute for Management Development (IMD) in Switzerland.
Building on last year's top-10 entry, the UAE now outperforms countries like Norway, Iceland, Japan, Canada, and Finland. The UAE ranked among the top 10 globally in over 90 key and sub-indicators. It achieved 1st place in 11 indicators, including industrial disputes, labor force percentage, employment percentage, and household consumption expenditure real growth.