UAE– Mubasher: The Abu Dhabi Department of Economic Development (ADDED) and United Arab Emirates University (UAEU) penned a deal to launch the Abu Dhabi Family Business Index, the first of its kind in the region.
Under the memorandum of understanding (MoU), the two parties will cooperate to boost the Emirate’s economic intelligence and research infrastructure, according to a press release.
The Family Business Index will measure and rank various metrics related to family businesses in Abu Dhabi, including performance and influence, with plans to expand to the wider region and worldwide.
The index will cover indicators, such as revenue, industry, employment, governance structures, leadership gender ratios, succession planning, and overall contribution to socio-economic development.
ADDED and UAEU will join forces in evidence-based economic and financial research, exchanging experts to foster knowledge sharing, joint research activities, training, workshops, and more.
The MoU will also back efforts to bolster the contribution of family businesses to economic diversification and growth.
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “The Abu Dhabi Family Business Index will play a pivotal role in developing the business landscape by providing valuable insights about this significant segment of our socio-economic fabric.”
“Equipped with decades-long experience in the market, family-owned businesses in Abu Dhabi continue to contribute positively to economic diversification, job creation, and transformation to an innovation-driven economy. We believe the index provides a suitable mechanism to accelerate our growth trajectory,” Al Blooshi continued.
He concluded: “By combining UAEU’s academic expertise and research capabilities with ADDED’s knowledge and mandate as the catalyst for economic growth and diversification, this collaboration promises to deliver impactful results that benefit the Abu Dhabi community and solidify the Emirate’s position as a leading centre for innovation and economic growth.”
