Business

Family business continuity across generations was the hot subject of engaging conversations hosted by Family Business Council Chairman His Excellency Abdulaziz Abdullah Al Ghurair and Karl-Erivan W. Haub, Chairman of Family Business Network (FBN) International, for various regional FBN Chapters in the GCC.

The conference was held for the Chairman of Family Business Network, the largest global network of leading family businesses all over the world, during his visit to Dubai recently.

Haub's visit to Dubai enforces the ties between the various global FBN Chapters, consisting of the GCC chapter led by the Family Business Council. The occasion was participated in by heads of vital family businesses from the GCC, namely Saudi Arabia, UAE, Kuwait and Qatar; and German families who are FBN members, going to the area with the chairman.

The event showcased the commitment of FBN global members of family businesses to connect in order to share their best practices and experiences to benefit one another in their journey of advancement and sustainability.

"We were honoured to host Karl-Erivan Haub in Dubai on behalf of the Family Business Council and engage with him on a host of difficulties and chances dealing with family businesses in the GCC," said His Excellency Al Ghurair.

"Being a fifth generation family business leader, Haub was able to share deep understandings into succession preparation which is vital to this area, he likewise went over best ways to handle company group diversity obstacles," Al Ghurair added.

Haub said: "The development of Family Business Network's GCC chapter has been significant and it's heartening to see that household companies in the area are believing long-term with a view to adapting strong business governance and useful succession planning procedures.".

Haub is likewise the CEO of Tengelmann Group established by the Haub family in Germany in 1867. The business group is among the world's biggest privately owned and operated, multi-sector merchants and one of Germany's leading investors in e-commerce start-ups.

In addition to sharing his family company experience on succession throughout generations, he also talked about the aspect of running a diversified retail business group and the development challenges this sector faces stressing how crucial it is for the family business to sustain development and transform its design if had to withhold the test of time.

The event was attended by family business owners and a few of their next generation members who are working in the business and groomed to be the next wave of leaders.

Al Ghurair concluded: "It is important to construct highly governed businesses all set for the critical phase of succession. It is likewise essential to keep the wheel of development rolling through our next generation. At Family Business Council we will continue to cultivate a platform to share knowledge and build the capability of GCC household companies on crucial subjects importantl to the continuity of family businesses, which is the foundation of our economy.".

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