Under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince of Bahrain, the Family Business Council – Gulf (FBCG), the regional association of Family Network International (FBN), conducted its Majlis discussion for prominent business leaders in the GCC region.
The Family Business Council Majlis receptions are held regularly as part of on-going activities aimed at discussing family business best practices and fostering collaboration between family businesses in the GCC. On the side-lines of the event, His Excellency AbdulAziz Abdullah Al Ghurair, chairman of Family Business Council, said: “Family businesses contribute about two thirds of GCC GDP, in addition to their roles in bringing in long-term economic stability. At the Family Business Council we address key topics related to the continuity of GCC family businesses; we discuss best practices and learning from other GCC family business stories.”
The Bahrain Majlis was hosted by one of FBCG’s founding members in Bahrain, Al Zayani Family; and was endorsed by the Bahrain government. His Excellency Zayed Rashid Al Zayani, Minister of Industry, Commerce and Tourism in Bahrain, stated: “Family businesses in the Kingdom of Bahrain supplement the government’s role in the development of the national economy and in enhancing capabilities, and creating jobs for citizens. Having the patronage of the Crown Prince for this event confirms the important role family businesses in the Kingdom play toward the growth of trade.
“Family businesses have been the backbone of Bahrain’s economy and the Gulf in general and it is important we retain the culture and traditions of these companies as they represent the main pillar of the economy of Bahrain,” said the company in a statement. The Bahrain Majlis discussion highlighted the importance of family business governance in facilitating smooth and sustainable succession planning. The Majlis reception kicked off with a panel discussion between the hosts from Al Zayani Family and Chairman of FBCG. Key governance topics discussed were next generation integration in the business and shareholder communication and involvement.
Al Ghurair said: “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.” Khalid Al Zayani, honorary chairman of Al Zayani investment expanded on the need for a formal policy for family members development, employment, and integration in the family business to enable a successful handover to the next generation.
Other topics discussed with the audience were best practices in shareholder communication and engagement, highlighting the importance of strengthening communication channels amongst family business owners.