Corporate governance in the Gulf can be a family affair - The National

Corporate governance in the Gulf can be a family affair - The National:

"Family firms are the engine of our global economy. Many of the largest multinational corporations began as family firms, and about 90 per cent of the world's businesses can be defined as such.

In the Arabian Gulf region, 80 per cent of GDP outside the oil sector is generated by family businesses, highlighting their utmost importance to the health of the region.

Most Gulf family firms have developed some form of governance procedures, but very few have a formalised structure robust enough to weather change, including generational transitions. Every family business is unique, and so it is important that governance frameworks are flexible. However, there are some intrinsically similar challenges that every business faces, and a strong governance framework is key to ensuring its long-term survival and success."

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