GCC Family Businesses Invest $3 Trillion in Region, QC President Says

Doha, November 08 (QNA) - Chairman of Qatar Chamber (QC) HE Sheikh Khalifa bin Jassim bin Mohammed Al-Thani said today that family business make a big contribution to the GCC members' added value as they invest close to $3 trillion. Speaking at a workshop held in Qatar University (QU) on globalization and the future of family businesses in Qatar, His Excellency said that they play a big role in developing the economy. HE the Chairman of QC added that family businesses are the guarantee of a stable market and the guarantee for overcoming the financial crisis. At the GCC level, family business contributes strongly to the members' added value as they invest close to $3 trillion. His Excellency stressed that in Qatar family businesses represent a large portion of all companies operating in Qatar and are considered the pillars of the economy due to their experience. The chairman of QC noted that this particular type of businesses is facing a number of challenges as GCC markets open up to the global ones. The biggest one according to His Excellency was to enhance the rules of governance and transparency in dealing with administrative and financial challenges. Other challenges include competition domestically and abroad as well as the mechanisms for succession plans after the passing away of the founding owner. His Excellency praised the role that Qatar University plays in raising awareness and educating members of the community. His Excellency also highlighted the importance of the topic discussed by the workshop; due to the important role family businesses play in the GCC and globally. For his part, President of QU Dr Hassan Rashid Al-Derham said that the university is embracing its role as a national educational institution that supports the state's effort towards achieving sustainable development by linking scientific research and the society's issues. He stressed that QU was committed to encouraging entrepreneurship to develop the Qatari private sector, which will play a big role in diversifying the economy and achieving economic development in line with Qatar National Vision 2030. (QNA)