MANAMA: Family businesses in the Middle East and South Asia (Mesa) region are looking at the next stage of growth by considering innovation, geographical expansion, governance and succession planning.
These trends were discussed at the KPMG Mesa Family Business Summit themed ‘driving growth through innovation and excellence’ in Dubai.
The event was attended by more than 100 delegates from prominent family owned companies, of which, 35 were representing family businesses in Bahrain.
This includes Hala Yateem, director at A M Yateem Brothers, who was a key guest speaker.
KPMG in Bahrain managing partner Jamal Fakhro was a keynote speaker where he provided a regional perspective on the issues and challenges facing family businesses according to the GCC Family Business Survey conducted by KPMG in the region.
KPMG Mesa chairman Reyaz Mihular 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 emphasising innovation within organisational 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 Centre 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 and private enterprise at KPMG Mesa.
He said, “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 one generation to another. KPMG recognises family businesses as a significant sector and endeavours to work closely with family companies and private enterprises to drive growth through innovation and excellence.”
Speakers and panel members included Abdulla Fareed Al Gurg, group chief executive of Easa Saleh Al Gurg Group; Subramaniam Eassuwaren, director at Eswaran Brothers; Tharwat Amer, group chief financial officer at SEDCO Holding; Nader Haffar, chairman and chief executive of KPMG Lower Gulf; and Neeraj Gupta, head of data and analytics at KPMG in Saudi Arabia.
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