DIFC gate building. Credit: DIFC/PRNewswire.

Dubai International Financial Centre (DIFC) has inaugurated a new centre to serve the ultra-high net worth individuals (UHNWIs) across the globe.

Called Global Family Business and Private Wealth Centre, the new centre will also provide services to family-owned businesses and private wealth firms.

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It aims to aid the expansion of the wealth management sector as well as offer support services to facilitate the planning of legacy and succession schemes.

Representing the first centre of its kind in Middle East, Africa and South Asia (MEASA), the new centre seeks to invite family firms and UHNWIs from the region and around the world to set up their businesses in Dubai.

Global Family Business and Private Wealth Centre’s members will be regulated by DIFC’s common law structure as well as legal and regulatory structure and flexible business plans, stated DIFC.

DIFC governor Essa Kazim said: “Aligning with the UAE Government’s commitment to helping family businesses play a prominent role in our society, DIFC is pleased to be launching the world’s first Family Business and Private Wealth Centre.

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“The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy.

“In the next decade, those families and others in the Middle East are expected to transfer $1tn (AED3.67tn) to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow.”

DIFC is one of the major financial centres in the MEASA region and has been facilitating trading and investments in the region for a period of around 15 years.

Global Family Business and Private Wealth Centre CEO Dr Tarek Hajjiri said: “The launch of the Global Family Business and Private Wealth Centre is another key milestone in the development of DIFC’s wealth and asset management sector.

“In addition, it embodies DIFC’s long-term commitment to offering quality private wealth management services at par with global standards.

“The new Centre will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”