Legal reforms mooted for GCC family businesses | GulfNews.com:
"An estimated $1 trillion (Dh3.67 trillion) in assets will be transferred to the next generation of family-owned companies over the next decade in the Middle East. The smooth generational transition of businesses requires a clear set of laws according to Family Business Network (FBN GCC), a GCC focused non-profit organisation.
FBN on Monday issued a white paper on the legal structures available to available to family businesses in the GCC for succession planning and a set of new recommendations on the need to strengthen the legal framework in the GCC.
“We have realised that without a well-planned and resilient legal structure for a family business, the pursuit of continuity by focusing on good governance, professionalisation and next generation can be futile,” said Abdul Aziz Al Ghurair, Chairman of the Family Business Network GCC."
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