‘Family businesses key to GCC’s economic future’

Manama : Family businesses play a vital role in supporting sustainable economic development in GCC, said Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani yesterday.

He was speaking during a panel discussion for prominent GCC business leaders at Bahrain Financial Harbour. It was held by the Family Business Council-Gulf (FBCG) and the regional association of Family Network International (FBN).

The panel discussion, hosted by Al Zayani Group, a FBCG founding member, was held under the patronage of Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister HRH Prince Salman bin Hamad Al Khalifa.

Family Business Council panel discussions are held regularly to share best practices and facilitate collaboration between family businesses in the GCC. 

During the discussion, Minister highlighted the Kingdom’s commitment to supporting local family businesses as they contribute significantly to economic growth and provide wide-ranging job opportunities.  

In this regard, he emphasised the need for continued strong public-private sector cooperation to ensure their further growth and prosperity.        

Chairman of the Family Business Council AbdulAziz Abdullah Al Ghurair said family businesses contribute about two-thirds of GCC GDP, in addition to their roles in supporting long-term economic stability.

Honorary Chairman of Al Zayani Group Khalid Al Zayani underlined the need of providing systematic policies aimed at further developing the skills and integration of family business members to ensure a successful transition between generations.