Expanding into new sectors and markets ranked first on the list of priorities for Dubai’s next generation of family business members, a latest survey said.
Need for business development and the adoption of new technologies figured second and third in terms of priorities, the survey by The Dubai Centre for Family Businesses showed.
It, however, said among the next generation of family business members worldwide, business development came first, followed by expansion into new sectors and markets in second place. Talent management and attracting and retaining the best young talent ranked third.
The survey, done in collaboration with global consulting firm PwC, was conducted to gauge the opinions, aspirations, and strategies of the next generation of family business members in the emirate.
A total of 889 respondents from 63 countries participated in the survey, including a group in Dubai.
Comparing the priorities of Dubai respondents with their global peers, the survey indicates that the next generation of family business members in Dubai is the most focused on expanding their businesses into new sectors and markets as a top priority over the coming two years.
The results of the survey also revealed a strong interest in generative Artificial Intelligence (AI), with the majority of respondents expressing a desire to leverage this technology in the future to stimulate innovation and drive greater efficiency in their companies.
As high as 87 percent of young family business members in Dubai expressed a personal interest in generative AI, well above the global average of 82 percent.
The survey also revealed that respondents in Dubai are more familiar with generative AI than average, with two-thirds feeling personally familiar with the technology, compared to 53 percent of their global peers.
The report noted the role that generative AI can play in enhancing profitability, operational efficiency, and customer experience, reflecting respondents’ views on the technology’s transformative impact on their business operations.
Around 32 percent of respondents in Dubai believe generative AI will increase their companies’ profitability within 12 months, which is higher than the global average of 21 percent.
Among the next generation of family business members surveyed in Dubai, 42 percent of respondents confirmed they are aware of succession plans within their family business.
However, many did not participate in the preparation of these plans, the survey said.
As much as 45 percent of respondents stated that the ability or readiness of the current generation to retire can create challenges with the succession process.
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