Partnerships Shaping Abu Dhabi's Economic Vision

[Music] your excellencies distinguished guests ladies and gentlemen good morning we are honored to be part of the annual International family office Congress this event not only highlights the critical role family business play in strengthening our national economy but also provides a valuable platform for us to move forward together toward a future focused and thriving business economy we believe that enhancing cooperation among family businesses is essential to driving economic growth and promoting the development of the private sector in the region our participation in this event aligns with our commitment to supporting Abu dhabi's Falcon economy which positions the Emirate as a leading hub for investment and Innovation while fostering a conducive and supportive business environment in the UAE family businesses contribute around 60% of the nation's non oil GDP and employ Approximately 80% of the country's private sector Workforce emphasizing their vital role in enhancing our national economy in the capital of capital familyowned businesses have been a fundamental pillar of the economy constituting 90% of the private sector this sector has witnessed remarkable and consistent growth with ever with over a 35% rise and less than a decade these Enterprises account for 50% of companies in constructions 60% in finance 70% in transportation and 80% in wholesale trade they play a key role in the non oil sectors which contributed over 55% of the total GDB of the Emirate in Q2 2024 to ensure the continued prosperity of family businesses the UAE has established Progressive legislative Frameworks to facilitate their operations additionally targeted programs are designed to Empower family businesses and encourage expansions in sector that drive sustainable growth the Abu Dhabi chamber has introduced a range of initiatives to empower family businesses recently we launched the Abu Dhabi family business Council during the inaugural Abu Dhabi Business Week 2024 to serve as a central platform for family businesses and the Emirates this reaffirms our commitment to supporting family businesses and recognizing their vital role in Abu dhabi's transition to Smart Diversified and sustainable economy the council is dedicated to ensuring the sustainability growth and prosperity of family businesses across Generations enhancing their contribution to the Emirates economic growth through strategic guidance in areas such as governance competitiveness and investment opportunity the council equips family businesses to thrive in local and international markets reinforcing Abu zabi's status as a global business and investment Hub other initiatives launched by the UAE include the enforcements of a federal law addressing ing the ownership and governance of family companies the Abu Dhabi familyowned business governance law the launch of the family business accelerators platform and Abu zabi chamber supported thebat program the theat program stands out as a key driver of growth providing family business with access to necessary financing and aiming to increase annual revenue to5 billion US by 2030 and Market valuation to 40 billion US do these efforts collectively ensure continuity Foster inovation and supports the intergenerational transfer of wealth enabling family businesses to thrive in an evolving economic landscape this commitment Endor underscores the Abu dhabi's Rec recognition of the Strategic importance of family businesses and their essential role in achieving the Emirates ambitious objectives ladies and gentlemen as the main voice of the private sector the Abu Dhabi chamber actively collaborates with family businesses to create a supportive ecosystem that promotes growth competitiveness and sustainability as Abu zabi advance Advance its position as a global economic Hub empowering family businesses remains essential to securing a dynamic Future Ready business ecosystem I look forward to the insights and recommendation this Congress will provide to further strengthen family businesses enabling them to meet the future challenges with agility and resilience [Music] world