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Succession planning and governance remain key challenges for family business owners
Source: KPMG , Author: Posted by Bi-ME staff
Posted: Mon October 7, 2013 7:56 pm

UAE. Family Businesses are one of the largest business segments in the Middle East. Operating across diverse industries and with varied scales of operations, these businesses have made a significant contribution to transforming the markets within the region, creating employment and fuelling the growth of the economies within which they operate.

While family businesses owners benefit from the personal challenge of building their businesses, family independence and respect within the community, they are also confronted with numerous challenges which generally aggravate over time and with business expansion.

Among these challenges is the need for succession planning and managing the transition of the business to the next generation of family control, effective governance, managing family relationships and expectations associated with the business, coping with expansion and the need for attracting in family talent.

KPMG announced that the regions’ first Middle East & South Asia Regional Family Business Conference will take place on Sunday 3rd November 2013 at the Jumeirah Emirates Towers Hotel in Dubai. 

The Conference themed “Family Businesses in the Middle East- Carrying on the Legacy” is to commence with the key note address by HH Sheikh Maktoum Bin Hasher Al Maktoum, Executive Chairman of SHUAA Capital and the Chairman of Dubai International Holding Company.

Over one hundred owners and top executives from family business establishments across the Middle East and South Asian region are expected to attend the event. The event will feature a series of presentations by subject matter experts and panel discussions with industry leaders from across the region.

The presenters at the event include Christine Blondel, Adjunct Professor of Family Business of Wendel International Centre for Family Enterprise at INSEAD who is also the Co-Programme Director of FAME; Jamal Fakhro, KPMG MESA Chairman who is also the Managing Partner of KPMG’s Bahrain and Qatar practices; Christophe Bernard, Head of Family businesses and Enterprises of KPMG Europe, Middle East & Africa region; Sadiq Jafer, Managing Partner, Hadef & Partners' Dubai and Jesus Casado, Secretary General of European Family Businesses.

The panelists at the discussion will include prominent family business owners and family business leaders from the United Arab Emirates, Saudi Arabia, Bahrain and Qatar. 

Fawzi AbuRass Head of Family Groups KPMG Lower Gulf said that the “Family Businesses are one of the key drivers for the Middle East economy and a major player in various industries in the region. Majority of the businesses are in the first or second generation and are facing the big challenge, in addition to other operational challenges, of transition to the next generation.”

He also added “Family businesses come with their own set of advantages and disadvantages and usually don’t fit into set molds of a business models. Each business is different from the other and requires a somewhat tailored approach to devising solutions for them, that is why it is so integral for people involved in family businesses to stay informed with the latest trends and practices.”

KPMG will also be having an exclusive session for the members of the Young Presidents’ Organization (YPO) coinciding with the Family Business Conference this year.

About KPMG:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world.
KPMG in the UAE was established in 1973 and has grown to more than 650 professional staff led by 31 Partners, across six offices. We have established a presence among market leaders in the region, providing clients with Audit, Tax and Advisory services.

Over several decades, KPMG in the UAE has had the opportunity to work with leading industry players in the region and has played a pivotal role in a number of success stories. At various stages of their growth clients have looked to KPMG for timely and independent advice to help in decision making.

KPMG’s employees and Partners in the UAE embrace KPMG’s Global values. These values determine how we interact with clients, with each other and with the world around us. These values also define what we stand for and how we conduct business.

At KPMG we try to create sustainable, long-term value, not just for our member firms and clients, but for the broader society as well. KPMG aims to be a responsible corporate citizen by making a real difference to the communities in which it operates.

 

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