​Asharqia Chamber releases the 19th edition of «Family».

​Asharqia Chamber release the 19th edition of «Family».

40% of the profitability of family businesses depends on their transformation to high performing institutions.

 

         The 19th edition of the "Family" , launched by Asharqia Chamber, represented by the Department of Information, is regularly launched to highlight the family business sector locally and abroad.

The new edition includes a series of topics related to the governance and transformation of family businesses by exposing them to local and regional that have managed to maintain their business continuity over the generations or to maintain their work towards governance and transformation, such as the experience of Al Hilal Group, The most developed family business in the Middle East, which has the policy of open door and the entry of not from the family members to the board of directors a way to sustain and expand its business.

The bulletin also contained a dialogue with the Director of Financial and Administrative Management of the Group of Companies Abdulmohsen Al Hurish Al Tamimi & Co., which is on the way to the issuance of a family charter governing the relationship between family members and management.

The bulletin also covered key events related to institutionalization and family business interactions by highlighting the Family Business Governance Forum, which will be launched by Asharqia Chamber under the patronage of the Minister of Trade and Investment and INSEAD Business School on Wednesday 19 April.

The meeting, which was attended by Prince Faisal bin Muhammed bin Nasser, highlighted the importance of governance and its role in the sustainability of family business,  urging family business owners to play their roles in the dress of the guard rather than the heir.

The bulletin provided a long report on the workshop organized by the Chamber in collaboration with KPMG, a specialist in auditing, taxation and consulting, under the title Family Businesses and the Challenges of Their Continued Growth, and concluded six challenges to the sustainability of family businesses.

The statement concluded with a presentation by Jean Nikolai, president of Stapling Stone Global, a specialist consulting firm to transform companies to high performing institutions. He  assured that 40% of the profitability of family businesses depends on their transformation to high performing institutions.