Key strategies discussed at Bahrain Family Business Summit
MANAMA, February 18, 2024
KPMG recently hosted the regional Family Business Summit in Bahrain which saw top industry leaders and entrepreneurs discuss strategies to sustain and reinvent family legacies while embracing innovation and digital transformation.
The 2024 KPMG Middle East, South Asia, and Caspian (MESAC) regional Family Business Summit witnessed a gathering of industry leaders, visionaries, and entrepreneurs represented by Family Business Leaders and Senior Management.
Jamal Fakhro, Managing Partner, KPMG in Bahrain, launched the summit with a welcome note, reinforcing the vital role of Family Businesses within the economy across the region, and the importance of preserving the legacy of the family and the traditions and values that have shaped them.
In his address, Fakhro said: "Family businesses have historically been an important part of our economy, and today still play a vital role in our national growth, influence, and impact."
"Their deep-rooted connections to local communities and cultures enable them to navigate the unique challenges and opportunities of the region, while also supporting development areas within the community like education, healthcare, employment, and inclusive prosperity," he stated.
Harish Gopinath, Partner, and Head of KPMG Enterprise across the MESAC region, highlighted the key opportunities that Family Businesses should consider leveraging as they evolve within the marketplace, while navigating through the challenges they will encounter as they look towards expanding, evolving, and transforming their organizations.
He also mentioned the launch of the 2024 Global family business survey report produced by KPMG International’s Private Enterprise team in collaboration with the STEP Project Global Consortium.
Prof Andrea Calabrò, a renowned Professor of Family Business & Entrepreneurship, leading on the STEP Project Global Consortium delivered a keynote speech on "Building and sustaining the family business legacy."
He highlighted the importance of Family Businesses in the region sustaining their legacy to be able to grow and transition across generations.
The summit was hosted under the patronage of Bahrain's Minister of Industry and Commerce Abdullah bin Adel Fakhro.
"Family-owned businesses are indeed a strong pillar of our marketplace. They span across a variety of sectors - be it in retail, automotive, manufacturing, real estate, transportation & logistics, distribution, and services industry, to name a few," stated the minister.
"Throughout our history, such enterprises have demonstrated unwavering dedication to hard work, innovation, and stable growth, thus, reinforcing the economic fabric of the Kingdom while still contributing towards our development," he added.
The 2024 Summit included an impressive lineup of speakers and a range of sessions and workshops from industry leaders and subject matter experts including -
•Abdulmohshin Alomran, CEO of The Family Office, sharing insights into Family Office perspectives.
•Panelists such as Dr. Ghassan Al-Sulaiman, Hala Almoayyed, Ameena Mariam Ziauddin, and Dr Basma Al Zamil, discussing various aspects of sustaining the legacy of family businesses, and moderated by Prof. Andrea Calabrò.
•Tom McGinness, Global Leader of ESG for KPMG Private Enterprise, leading a session on ESG for family businesses.
•A working session on Transgenerational Entrepreneurship facilitated by Prof. Andrea Calabrò, Robyn Langsford and Tom McGinness, exploring the Transgenerational Entrepreneurship Index and actionable strategies for sustaining legacies.
•Insights into global, regional, and national economic trends by Omar Al-Ubaydali, Director of Research at Bahrain Center for Strategic, International, and Energy Studies (DERASAT), highlighting key opportunities Family Business leaders could consider.
•Discussions on automation, digitization, and legal structures in family businesses led by industry experts like Nasser Sattar, Rui Goncalves, and Greg Limb.
"We're thrilled to host the 2024 MESAC Family Business Summit, bringing together thought leaders and practitioners to explore innovative strategies for sustaining family legacies in today's dynamic business landscape." said Gopinath.
KPMG is a global network of professional services firms providing audit, tax, and advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world.-TradeArabia News Service
