Family businesses in the Middle East and in the Gulf region face dual operational challenges in a difficult global economic environment and a period of managerial transition of businesses to a third generation, business owners told the Gulf News on Sunday following the opening of the Owners Forum – Abu Dhabi 2012
Calling on the government to protect local industries and companies, Mohammad Al Fahim, chairman of Al Fahim Group, told the Gulf News: “In order to survive, grow, and take our places among the many family-run firms in the region and to blossom, we need government support and backing similar to that which was during the leadership of the late Shaikh Zayed Bin Sultan Al Nahyan when he supported local companies by ensuring them government work and purchasing their products and services.”
“Businesses for foreign and international companies should be through local companies in order to protect family businesses and to move ahead with a third generation of entrepreneurs. In the GCC, family businesses are relatively young with most of them less than 60 years old in the market,” said Al Fahim.
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