Family Business Council-Gulf holds discussion session

Manama, Oct. 19 (BNA): Under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, the Family Business Council-Gulf (FBCG) and the regional association of Family Network International (FBN) today held a panel discussion for prominent GCC business leaders at Bahrain Financial Harbour. Family Business Council panel discussions are held regularly to share best practices and facilitate collaboration between family businesses in the GCC. Minister of Industry, Commerce and Tourism, Zayed bin Rashid Al Zayani, underlined that Bahrain’s family businesses play a vital role in supporting sustainable economic development within the Kingdom. He highlighted the Kingdom’s commitment to supporting local family businesses as they contribute significantly to economic growth and provide wide-ranging job opportunities. He emphasised that such events held under the patronage of HRH Crown Prince highlight his commitment and support to local family businesses. He noted that family businesses are central drivers of regional economic growth, and that the culture and traditions of family-run enterprises form a core pillar of Bahrain’s economy. He pointed out the need for continued strong public-private sector cooperation to ensure their further growth and prosperity. Chairman of Family Business Council, Abdulaziz Abdullah Al-Ghurair, expressed his gratitude for HRH Crown Prince's support and patronage of the FBGC’s panel discussion. The panel discussion was hosted by Al-Zayani Group, a FBCG founding member. It covered the importance of clear corporate governance structures for family-run enterprises and included discussions led by members of Al-Zayani Investments and Al-Ghurair on next generation integration and shareholder communication and involvement. Al-Ghurair said: "Family businesses contribute about two-thirds of GCC GDP, in addition to their roles in supporting long-term economic stability." He added that the Family Business Council "addresses key topics related to the continuity of GCC family businesses; we discuss best practices and learning from other GCC family business stories." He noted that "governance within family businesses is increasingly becoming a necessity as organisations evolve and grow. Setting governance structures within the family business helps ensure the overall vision and objectives of the family business are achieved." Honorary Chairman of Al-Zayani Group, Khalid Al-Zayani, underlined the need for providing systematic policies aimed at further developing the skills and integration of family business members to ensure a successful transition between generations. Other topics discussed with the attendees were best practices in shareholder communication and engagement, highlighting the importance of strengthening communication channels amongst family business owners. The closed-door panel hosted effective discussions among family business participants, with around 35 senior members of GCC leading family businesses taking part. FBCG aims to strengthen family business governance and succession planning practices aligned to international best practice, and addressees key topics through research, capacity development, annual summits, and education workshops.