Family businesses are vital segment of the vibrant economy of the Kingdom of Bahrain, a senior government Minister said yesterday.
Dr Hassan Abdulla Fakhro, who opened the two-day family businesses event titled the Family Business Retreat Conference 2011 at the Ritz Carlton Hotel, in his opening remarks underlined the importance and the role played by family businesses to the Kingdom’s economic development march.
The Minister hailed the emerging partnerships between the public and the private sectors in carrying out many valuable economic and trade projects.
Dr. Fakhro, who was joined by the President of the Bahrain Family Business Association Khalid Mohammed Kanoo, reiterated the government and the Industry and Commerce’s full support for all economic events organised inside and outside the Kingdom, asserting that family businesses would remain an essential part of the success of the Kingdom’s Economic Vision 2030.
“This testifies to the significant position enjoyed by these businesses and reflects the crucial role they play in activating the national economy,” he said.
Organised by IIR Middle East, the opening ceremony was attended by representatives of family businesses in Bahrain, as well as local and regional financial and economic sectors’ officials.
The Family Business Retreat held in Bahrain from January 24 – 27th, 2011 discusses and debates pertinent issues affecting the industry. Of the many strategies suggested by eminent speakers, open innovation and strategic business restructuring are some of the new ideas that are being initiated, developed, and implemented by companies, at an increasingly fast pace across the region.
Family businesses are the backbone of most Arab economies, owing both to their economic contribution and their socio-political impact. The current competitive environment has family businesses, place greater importance to the sustainability and successful integration of the business into the global marketplace.
“Family businesses are a pillar of economic growth in the Middle East region,” Khalid M Kanoo told reporters on the sidelines of the conference, ensuring that Bahrain Family Business Association would continue to support such conferences as part of its strategy aimed at stimulating debates among the family businesses on vital aspects like business models, governance, transparency and on the top of it corporate governance.
“The growing culture of having elected board is one of the newest things being experienced by this centuries old business model,” he said.
Bahrain despite being a model economy, Kanoo said, is also rapidly adopting to the best business practices when it comes to family businesses.
“I have been twice served as Chairman of the Bahrain Chamber of Commerce and Industry and the latest initiatives like rules of governance. The encouraging thing is people are getting used to the best ways of doing family businesses,” he said.
“One of the recent new trends is the concept of ‘Open Innovation’ that enables family businesses to compete in a tough environment and adapt to the speed of innovation.
“Family businesses in the region can adopt the concept of ‘Open Innovation’ and business restructuring in order to efficiently discover new ideas, spur speed to market, and improve leverage on investments.
These key issues to be discussed and debated at the Family Business Retreat by eminent speakers like Khalid Kanoo, Tony Jashanmal, Director, Jashanmal Group, UAE; Hamid R. Al Zayani, Chairman, Al Zayani Investments, Bahrain and Constantin Salameh, CEO, Abdulla al Masaood and Sons, UAE among others.