Press Release - Contributing to 60% of GCC’s GDP, family businesses to be honoured for generational success

• Family Business Council Gulf launches region’s first Family Business Awards

• Recognitions in four categories: SME Family Business, Non-Family Executive, NexGen Venture and NexGen Innovation

Press Release - Dubai: The Family Business Council Gulf (“FBCG”) today announces the appointment of its Chairman, Omar Alghanim, as a new board director at the Family Business Network International (“FBN”).

Family Business Council Gulf is pleased to announce the appointment of four new board members, Bader Nasser Al-Kharafi, Dr.Ibrahim Sulaiman Alrajhi, Musaab Sulaiman Al-Muhaidib and Rasha Abdullah Aldarwish

H.E. Abdullah Bin Touq Al Marri: "Family businesses are a main focus area in the ongoing transition to a more resilient and sustainable economy and we have a clear plan to enhance their leadership and competitiveness."

As a first of its kind partnership between the UN and the global family business community, UNCTAD and Family Business Network (FBN) jointly have developed the Global Initiative “Family Business for Sustainable Development (FBSD)”. It invites business families to embed sustainability into their business practices and to mobilize investments in sustainable development, thereby committing to concrete, measurable contributions towards the SDGs. Key components of the FBSD Initiative include signing the sustainability pledge and committing to tracking and reporting of sustainability indicators for family firms.

In a landmark move, Law No. (9) of 2020 regulating family-owned businesses in Dubai was issued last month. The original bill was prepared by Fadi Hammadeh of Al Futtaim Group in 2013. In an exclusive to the Oath, the General Counsel of Al Futtaim Group provides a comprehensive overview of the new legal framework and how it facilitates protection, expansion and successful transition of family firms.

Family Business Council Gulf and Dubai Chamber of Commerce & Industry have signed a MOU to amplify joint efforts to ensure the continuity of family businesses in Dubai

Contributor: Sara Mohammadi, Advisor Gulf Family Business Council

When family members share a business, it does much to strengthen the family bond. However, passing a business from one generation to the next often affects the solid family bond and results in breaking it.