But family businesses
also have their strengths: they can be highly sustainable because of long-term commitment by family members who are deeply invested in the future of the company, and have a shared vision.
As family businesses
expand through the generations, it is essential that enough profit is generated to distribute to an increasing number of members.
Finding the right balance between the interests of the family and that of the business, is clearly a key concern for family businesses
- and was reported as important or very important by 77 per cent of respondents.
The challenge faced by family businesses
is to understand how to develop strategies to address issues and to create solutions that anticipate the emotional dimensions of the family.
The panel discussion between the host family and the guest speaker triggered constructive discussion between the audience from family businesses
on the different practices of eastern and western family business aimed at maintaining family unity across generations.
According to recent studies, family businesses
account for about 85pc of the Arab World's non-oil GDP.
President of Keve, Phidias Pilides said that the Chamber looked forward to the promotion of legislation and the introduction of incentives to help family businesses
overcome the problems they face and stay alive.
The incoming President is in his 70s, and is a similar age to the leaders of many family businesses
established by the 'baby boomer' generation of the 1950s and 60s.
The contribution of the private sector in the GDP (Gross Domestic Product) has increased in the recent years to 50%, Dr Al Derham said, adding, It is very important to maintain the involvement of the private sector in the GDP and to help family businesses
overcome the various challenges, which will contribute to the countrys economic development and growth.
create 65% of job opportunities in the Gulf Cooperation Council (GCC) and hence efficient solutions have become imperative for them to overcome the challenges to ensure continuity and stability in the economies, according to a top official of Qatar Industrial Manufacturing Company (QIMC).
Minister of Industry, Commerce and Tourism, Zayed bin Rashid Al Zayani, underlined that Bahrain's family businesses
play a vital role in supporting sustainable economic development within the Kingdom.
With 60 per cent formed since the 1970s, family businesses
in the GCC are relatively young, yet diversified in the sectors they operate within.