- The Majlis reception was held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince of Bahrain
- The Majlis discussion highlighted the importance of family business governance in facilitating smooth and sustainable succession planning
Manama, Bahrain: Under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince of Bahrain, the Family Business Council – Gulf (FBCG), the regional association of Family Network International (FBN), conducted its Majlis discussion for prominent business leaders in the GCC region.
The Family Business Council Majlis receptions are held regularly as part of on-going activities aimed at discussing family business best practices and fostering collaboration between family businesses in the GCC. On the side-lines of the event, His Excellency AbdulAziz Abdullah Al Ghurair, chairman of Family Business Council, said: “Family businesses contribute about two thirds of GCC GDP, in addition to their roles in bringing in long-term economic stability. At the Family Business Council we address key topics related to the continuity of GCC family businesses; we discuss best practices and learning from other GCC family business stories.”
The Bahrain Majlis was hosted by one of FBCG’s founding members in Bahrain, Al Zayani Family; and was endorsed by the Bahrain government.
His Excellency Zayed Rashid Al Zayani, Minister of Industry, Commerce and Tourism in Bahrain, stated: “Family businesses in the Kingdom of Bahrain supplement the government’s role in the development of the national economy and in enhancing capabilities, and creating jobs for citizens. Having the patronage of the Crown Prince for this event confirms the important role family businesses in the Kingdom play toward the growth of trade.
“Family businesses have been the backbone of Bahrain’s economy and the Gulf in general and it is important we retain the culture and traditions of these companies as they represent the main pillar of the economy of Bahrain.”
The Bahrain Majlis discussion highlighted the importance of family business governance in facilitating smooth and sustainable succession planning. The Majlis reception kicked off with a panel discussion between the hosts from Al Zayani Family and Chairman of FBCG. Key governance topics discussed were next generation integration in the business and shareholder communication and involvement.
Al Ghurair said: “Governance within family businesses is increasingly becoming a necessity as organisations evolve and grow. Setting governance structures within the family business helps ensure the overall vision and objectives of the family business are achieved.”
Khalid Al Zayani, honorary chairman of Al Zayani investment expanded on the need for a formal policy for family members development, employment, and integration in the family business to enable a successful handover to the next generation.
Other topics discussed with the audience were best practices in shareholder communication and engagement, highlighting the importance of strengthening communication channels amongst family business owners.
The closed-door intimate Majlis dinner has successfully triggered effective conversations among family business participants. Around 20 senior members of GCC leading family businesses and Bahrain took part in the Majlis and engaged in the conversation.
FBCG aims to strengthen family business governance and ensuring their continuity over generations by adopting international best practices. FBCG addresses key topics related to this matter through various other activities, including research, capacity development, annual summits, and education workshops.
About Family Business Council – Gulf (FBCG):
The Family Business Council is a private, non-profit membership organisation that aims to strengthen family business governance and ensure their continuity over generations, while learning from and where applicable adopting international best practices. Through research, education and capacity development, and networking among peers, we seek to identify and address issues that are unique to this region.
The council is governed by a Board of Directors, representing eleven leading GCC family businesses, which steers and builds the organisation. FBCG’s board shares a common view that the continuity and prosperity of family businesses is vital not only for their families’ legacy but also for the economic sustainability of the region.
FBCG is a member of a worldwide organisation – the Family Business Network International (FBN) – which is the largest global network ‘by families, for families’ representing leading family businesses all over the world.