ABU DHABI, 24th October, 2023 (WAM) — The Ministry of Economy’s ‘Thabat’ family business programme has succeeded in creating a new and sustainable business vision for the Al Yousuf family, taking it closer to the future economy through an intensive training session that lasted more than 550 working hours. The program included training courses, legal and technical consultations, and offered theoretical and technological support needed to drive family businesses’ expansion into new economic activities and sectors. It trained the participants on choosing a suitable idea for a digital project, market analyses mechanisms, product advantages to the customer and enhancing its competitiveness, and the means to build a successful brand.
The joint journey resulted in the launch of Al Yousuf Group’s new project ‘Nutralis,’ a multifaceted digital platform that brings together all producers of health and food supplements that do not require medical prescriptions with physicians to facilitate the exchange of experiences and the effectiveness of products in a highly transparent environment. The platform’s aim is to provide a safe and effective environment for the consumers of these products and to enhance their quality of life.
The Ministry of Economy, through the ‘Thabat’ program, provides flexible mechanisms for family companies to future-proof their operations through two different models. The first model seeks to boost the company’s existing business areas by harnessing new technologies and tools, enhancing the competitiveness of its products and services. Meanwhile, the second model supports their entry into new sectors, contributing to broadening and diversifying the scope of the family business operations and presenting them with additional opportunities for sustainable growth.
Yousuf Al Yousuf, Chief Operating Officer at Al Yousuf Group, said: “Thabat gave us a key opportunity to take advantage of all the benefits and capabilities it offers to family businesses in the country. The program contributed to realigning our vision and business plans towards a vital sector, which is the food sector. It enabled us to explore new industries and business models to keep pace with the trends of the new economy, leading us to the launch of our new digital project ‘Nutralis.”
He added: “We are finalizing a joint action plan with Thabat to ensure the project’s leadership in the food sector and the achievement of all its objectives, especially since we now have a broader consumer base through the digital platform.”
The first phase of ‘Thabat’ gave rise to two innovative projects, ‘Nutralis’ developed by the Al Yousuf Group and the ‘Apterra’ platform by the Alserkal family for the real estate sector. The Ministry of Economy adopted a new vision to help family companies in the country expand their operations by joining the program over the next three years. It will offer funding opportunities for family enterprises that graduate from the program to support the growth of their businesses. Two batches will be accommodated every year, with 7 to 10 companies per batch.
The Ministry worked to develop an integrated mechanism that supports the expansion of family businesses into new economic sectors, enhances their contribution to the national economic growth, supports their sustainability and continuity across successive generations, and governs them in accordance with the best practices in this regard. This is being achieved through collaboration with its partners at the local and global levels, thereby establishing the UAE as a leading destination for local, regional and international family companies.
The Ministry of Economy calls on all family enterprises in the country wishing to develop their businesses and embrace new economy sectors to sign up for the second edition of the ‘Thabat’ program via the link: https://www.thabatventures.ae/
The Ministry launched ‘Thabat’ with an aim to preserve the economic and commercial legacy of the UAE’s family businesses; ensure their continuity across successive generations by encouraging them to venture into new economic activities and transform 200 family enterprises into fast-growing startups by 2030.
Family businesses currently account for 90% of the total number of private companies in the country and contribute 40% to the national GDP.
United Arab Emirates Dirham Exchange Rate
