UAE - Sharikat Mubasher: The next generation of family business members in Dubai gives top priority to expanding into new sectors and markets, according to a recent survey released by the Dubai Centre for Family Businesses in collaboration with PwC.
The survey, which included 889 respondents from 63 countries, identified the top priorities for the next generation of family business members during the coming two years.
Business development ranked second on the priorities list, followed by the adoption of new technologies.
Among the next generation of family business members worldwide, business development came first, followed by expansion into new sectors and markets, with talent management and attracting and retaining the best young talent in third place.
Around 87% of young family business members in Dubai expressed a personal interest in generative artificial intelligence (AI), higher than the global average of 82%.
Respondents in Dubai are more familiar with generative AI than average, with two-thirds feeling personally familiar with the technology compared to 53% of their global peers.
Some 32% of respondents in Dubai believe generative AI will increase their companies' profitability within 12 months, well above the global average of 21%.
Among the next generation of family business members surveyed in Dubai, 42% of respondents confirmed they are aware of succession plans within their family business, while 45% of respondents stated that the ability or readiness of the current generation to retire can create challenges with the succession process.
