Family businesses in the Middle East & South Asia (MESA) region are looking at the next stage of growth by considering innovation, geographical expansion, governance and succession planning, experts said a recent event organised by KPMG.

The KPMG MESA Family Business Summit themed ‘driving growth through innovation and excellence’, which took place in Dubai, UAE, was attended by more than one hundred delegates from prominent family owned companies in attendance, of which, 35 delegates were representing family businesses in Bahrain. This included Hala Yateem, director at A M Yateem Brothers, who was a key guest speaker.

KPMG in Bahrain’s managing partner, Jamal Fakhro, was a keynote speaker where he provided a regional perspective on the issues and challenging facing family businesses according to the GCC Family Business Survey conducted by KPMG in the region.  

Reyaz Mihular, chairman at KPMG MESA highlighted changes in the technology landscape which are triggering new opportunities and challenges for family businesses in the region. He added that businesses should be agile and innovative to succeed in this new normal.

At a global level, Randel Carlock, Professor in Entrepreneurial Leadership at INSEAD, spoke on the topic ‘driving business culture with family values’ describing examples of how many global family businesses prospered by emphasizing innovation within organizational culture.

Tom McGinness, Global co-leader for Family Business at KPMG International presented key findings from the STEP 2019 Global Family Business Survey, a publication sponsored by the KPMG Enterprise Center of Excellence for Family Business. The survey depicted the emergence of millennial family business leaders, with refreshed outlook and priorities.

The Summit was facilitated by Harish Gopinath, Head of Family Business & Private Enterprise at KPMG MESA.

“Family businesses are the backbone of the economies. Therefore, we need to support them stay in business and avoid disruption due to family issues, and help them ensure smooth transition from generation to another. KPMG recognizes Family businesses as a significant sector and endeavours to work closely with family companies and private enterprises to drive growth through innovation and excellence,” said Gopinath. – TradeArabia News Service