Bin Dawood: Joint stock companies are the ideal model for family businesses

The CEO of BinDawood Holding Company, Ahmed bin Abdulrazzaq bin Dawood, reviewed the most important success factors that led to the transformation of BinDawood Holding Company into a joint-stock company, which was reflected in the increase in its investments, expansion and growth in local and foreign markets, during an open dialogue meeting organized by the Asharqia Chamber, represented by the Investment and Studies Center, in cooperation with Solvancy Consulting Company, on Wednesday, December 11, 2024, at the Chamber’s headquarters, in the presence of a number of entrepreneurs, investors and interested parties.

BinDawood stressed during the meeting, which was moderated by the Head of the Family Business Sector at Solvancy Consulting, Naeem bin Hudhaifa Al Shurab, that the successful model for family businesses is joint-stock companies, which greatly help in proper governance, growth and expansion of business, in addition to the diversity of investment thinking in the long term for the company, by choosing independent board members with various specializations and experiences that benefit the investment. Bin Dawood pointed out the importance of the uniqueness of each family business in terms of orientations and strategies by choosing the system and orientations that suit the family and result from the family charter that defines the rules and foundations of the company, which is reflected in the governance process.

Bin Dawood said that the owners have been working early on the procedures for transforming into a joint-stock company after several experiences and stations they have seen for local, regional and international companies, which greatly helped in taking the steps to transform into a joint-stock company.

Bin Dawood added that the secret of the expansion and growth of investments was the result of continuous development and training in the latest fields and diverse cumulative experiences in senior management and the board of directors, and the human competencies attracted, in addition to using the latest technologies and smart business tools that contributed directly to the growth of the business. Bin Dawood concluded his speech by saying that choosing the right advisor to help in making decisions and taking critical steps in investment greatly helps in overcoming many challenges and starting from where others left off, which is what today has shaped the success story of Bin Dawood Holding Company through its presence in the Tadawul market, not to mention the government incentives, the development of regulations and systems, and the unlimited support from government agencies that have contributed significantly to the growth of the business sector in the Kingdom by opening up horizons of opportunities and investments.