FBN-GCC organizes first meeting in Doha to share experiences & best practices on family values ??in business [Mid-East.Info]
(Mid-East.Info Via Acquire Media NewsEdge) Meeting discusses corporate governance, transparency & entrepreneurship with owners of prestigious family businesses in Qatar
The Family Business Network GCC (FBN-GCC) headed by Chairman Abdulaziz Al Ghurair recently organized a gala dinner for a group of prestigious Qatari families attended by various leaders and decision makers involved in local family businesses as well. Organized at St. Regis Doha, the event was the first initiative of its kind aimed at strengthening communication channels among family business owners in Qatar and across the Gulf.
The meeting was hosted upon the special arrangement of Alfardan Group in support of the initiatives of the Network. FBN-GCC has had great success in encouraging dialogue on joint mechanisms to foster the spirit of entrepreneurship, excellence, corporate governance, and transparency among family businesses which have become mainstays for advancing economic and social development in Qatar and Arabian Gulf.
The event served as an ideal interactive platform for exchanging experiences among owners of Qatari family businesses that have had a clear imprint on national economic growth in the past decades. It also facilitated discussions on ways to apply best international practices while maintaining family values ??in business to ensure the success and continuity of the sector for generations to come with the help of the network’s continued support for Gulf families via various strategic initiatives.
The results of the discussions will significantly contribute to the development of future strategies and plans of family businesses in Qatar and across the Gulf. This comes at a time when family businesses are playing increasingly major roles as powerful economic agents within the GCC markets. The region currently hosts 5,000 family-owned companies with total revenues collectively worth USD 600 billion according to figures released by the Institute for Corporate Governance (Hawkamah).
Omar Hussain Alfardan, President and CEO of Alfardan Group, welcomed FBN-GCC led by Al Ghurair, a prominent leader among the Gulf's family businesses. Alfardan hailed Al Ghurair as a model of excellence and business leadership, adhering to the values ??of trust and commitment, making Al Ghurair Group one of the most influential corporate entities in the UAE and the region. Omar Alfardan also explained the important role of family businesses in the region, as they form an integral part of local commercial history and act as key development pillars in various industries. He also discussed the sector's vital role in improving economic performance and preparing a new generation of competent leaders guided by values such as leadership, excellence and creativity, all while maintaining cultural and historical heritage and passing these on to the next generations.
Alfardan highlighted that the success of family businesses in the Gulf is a result of decades of traditions, values and ideas that have been handed down from generation to generation, from fathers to their sons; these values and success stories serve as examples to follow to this day in terms of entrepreneurship and perseverance in achieving success and excellence despite numerous challenges. These models have effectively contributed to the region's rise as a leading global economic power; pointing out that family businesses in Qatar have the flexibility and the ability to cope with local, regional and global changes and compete with the largest international companies in providing the best services in similar areas. Such businesses can also create new job opportunities for young people and a suitable environment that encourages innovation and nurtures emerging talents to complement the broader efforts towards sustained growth and overall development.
He pointed out that the success of Qatari family businesses is attributed to the continuous government support under the wise and strong leadership of H.H. Sheikh Tamim bin Hamad bin Khalifa Al Thani, Emir of the State of Qatar, and his government. This ongoing support has made a huge impact in providing an appropriate environment to promote the growth of family businesses and maximize their participation in achieving the goals of National Vision 2030 aimed towards building Qatar’s future, especially since the continued success of family businesses in Qatar is anchored on the visionary and ambitious strategy embedded in the country's wise leadership which has constantly provided unique opportunities for local companies. Alfardan also asked Qatari family businesses to implement policies that are developed within the framework of governance that facilitate investments into human capital. He also urged them to widely adopt the principles of governance and transparency to further expand family-driven economic activities, develop the competencies of new family leaders, and open promising prospects to keep pace with the rapid developments within the regional and global markets.
During the event, Abdulaziz Al Ghurair discussed the goals and initiatives of FBN-GCC, which was founded in 2012 as a private non-profit organization to represent the leading family businesses in Qatar, Bahrain, Kuwait, Oman, Saudi Arabia and UAE. He highlighted the vision of the Network towards encouraging and facilitating knowledge transfer and the dissemination of best practices that ensure continuity among family businesses and maintain professional values ??and social responsibility across generations.
Al Ghurair pointed out that family businesses have become major economic drivers constituting 75 per cent of the economy of the Gulf States, according to studies conducted by the American Corporate Governance Institute – Hawkamah Institute and Booz Allen. The retail sector accounts for almost 72 per cent of the total business of family-owned companies, the financial sector 64 per cent, and real estate 56 per cent.
Al Ghurair lauded the interest shown by the attending families on the agenda of FBN-GCC, which he explained aims to help face potential challenges and continue success at the local and regional levels. He praised the leading position achieved by the Qatari families present at the ceremony as models of the success of family businesses. Al Ghurair emphasized the Network’s commitment to cooperate with prestigious family businesses in Qatar through strategic research support and guidelines for members, in addition to the organization of annual meetings to exchange experiences and opinions. He added that the Network strives to create a suitable work environment for family businesses and prepare them to recruit qualified future leaders.
FBN-GCC is a part of Family Business Network International, an organization established in 1989 in Lausanne, Switzerland to boost the growth and sustainability of family businesses throughout the world. The Network's goals are achieved through the creation of direct channels for exchanging best international practices and the latest innovative ideas as well as instilling family values ??among the new generations. The organization also reveals effective methods for competing strongly within the local, regional and international markets.
Family Business Network International currently has more than 6,500 members from 57 countries. It focuses on organizing international networking events and disseminating new knowledge via the Internet. It also provides high-level training for new generations that will take over the leadership of family businesses in the future. The Network conducts regular meetings for members twice a year, one of which was hosted in the Kingdom of Saudi Arabia.
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