Family businesses can play a vital role in boosting Bahrain's economic and commercial growth, an official said yesterday.

They share assets exceeding $500 billion with 5,000 families regionally, revealed Bahrain Chamber of Commerce and Industry (BCCI) chairman Dr Essam Fakhro.

He urged Bahrain firms to seize a unique opportunity to network with their counterpart trade and investment family companies.

Dr Fakhro's appeal came on the eve of the Arab-German Family Business Summit 2009 which opens this evening in Bahrain.

Industry and Commerce Minister Dr Hassan Fakhro will patronise the key forum at the Ritz Carlton Bahrain Hotel and Spa. It will be held under the slogan 'Family Businesses and the Financial Crisis'.

More than 200 delegates representing leading Arab and German family companies will take part in the event which is sponsored by BCCI among other parties. Experts and renowned academic figures from Harvard, Yale, Princeton and Witten Herdecke universities will be the key speakers.

Recent reports have surveyed up to 5,000 family businesses in the region with overall assets exceeding $500 billion. According to the same studies, these companies employ up to 70 per cent of the workforce and grow by up to 18pc per annum.

"The event will open the doors for partnership between the GCC, Arab and family businesses and their EU counterparts, particularly the German firms," the BCCI chairman said.

He stressed the vital importance for such mega businesses to build bridges as large economic sectors are suffering under the impact of the global financial crisis. Citing updated figures, Dr Fakhro said family businesses represent from 70 to 90pc of the economic activities in the region, hence their pivotal role as development catalyst.

He also stressed the growing clout of family companies in Bahrain and their great contribution to the economic and commercial growth momentum. "The recent establishment of a Bahrain-German silicon company in a joint venture represents a positive index," he said.

He also revealed that another joint venture company would be announced soon.

The summit participants will be updated on the latest international trends on family business management. It will offer a unique platform for Bahraini and Arab businessmen to network with German family businesses. -TradeArabia News Service