Organisers of the 1st GCC Family Business Forum announced today that a workshop will be held on issues involved in taking family businesses in the region public. The Saudi Law Training Centre (SLTC) in collaboration with the Federation of the GCC Chambers of Commerce and Industry and with the UAE Chambers of Commerce and Industry announced the schedule of the sessions of the forum to be held from 6th to 8th June 2006 at the JW Marriot Hotel, Dubai.
There will be six sessions divided equally on the first and second day to discuss issues affecting family businesses such as globalisation, the role of financial markets, the influence of banks, governance, the role of women and the younger generation and the role of specialised institutions. The third day of the forum shall be devoted for a workshop discussing turning family businesses into public joint stock companies and their commitments thereafter.
Majed Garoub, Chairman, SLTC, said: “The GCC economy has around 5000 family businesses with assets estimated at US$500 billion. They run 75 per cent of the private sector economy and hire 70 per cent of labour in the GCC. These businesses face many challenges such as globalization, the growing number of family members in each generation and the obstruction this creates in running the business.
I would like to thank all those who helped us organise the first edition of the forum, especially the Federation of Chambers of Commerce and Industry in the GCC and in the UAE.”
The SLTC will endeavour to strengthen its relationship with the Federation of GCC Chambers of Commerce and Industry as a strategic partner and main supporter of the forum for a period of six years. It will cooperate with the individual chambers of each GCC country in turn to organize the forum annually. It will also form a higher consulting committee to follow up recommendations and encourage their implementation.
