These findings reflect the widely held view that family businesses
often have a strong relationship with the community and have broader motivations when starting their business than merely making money,' continued Nashaat.
The Coutts Prize for Family Business was launched to showcase and champion exceptional family businesses
Speaking at the afternoon session of the DIFC Summit, leading decision makers of family businesses
in the GCC region said, taking measures to avoid an unfavourable impact on the business is necessary; however, family businesses
in the region should avoid making decisions based on fear and negative sentiments.
Nearly three-in-10 family businesses
are run by women, while only 25pc of non-family businesses
have women at the helm.
In a new millennium, family businesses
are redefining themselves.
In these difficult economic times this generous support and participation from Burns and Levinson clearly highlights their dedication and continued commitment to family businesses
Almost three-quarters of the region's family businesses
are owned and managed by the second generation, and one-fifth by the third generation.
The event was attended by representatives of the awards' sponsors, supporters and family businesses
, including McAuliffe Civil Engineering, winner of the 2011 Best Small Family Business category.
This makes family businesses
extremely vulnerable to shifts in leadership, such as that expected to affect a majority of family businesses
when their leaders retire.
The repeal of family aggregation is a welcome change for some family businesses
, but a disadvantage for others.
can be extremely rewarding places to work.
But family businesses
risk their growth potential if they fail to recruit from outside and face up to difficult issues -such as succession -before they become potential areas for family unrest,'' he added.