In conversation with Gulf News: A former banker, Osama Ibrahim Seddiqi is Vice-Chairman and Chief Financial Officer of Seddiqi Holding, the Dubai-headquartered luxury-focussed retail group representing some of the finest watch brands in the world.
An eye-watering $1 trillion worth of assets held by families and family-owned businesses in the Gulf is forecast to pass from one generation to the next over the coming 10 years.Of this $1 trillion, a sizeable share will pass on as succession in Dubai and the UAE. Osama Ibrahim Seddiqi wants to make that process as smooth as possible - and, as important, involve all members of a family business in the generational shift.
This comes from Seddiqi’s recently minted role as Chairman of the Family Business Advisory Committee formed under the Dubai Chamber.
In the UAE, helping family businesses handle change has been taken up at the federal level, with enabling laws announced. It’s also happening at the emirate level. In short, offer local family businesses all the support systems and safety nets they need.
