Family businesses in the Middle East & South Asia (“MESA”) region are looking at the next stage of growth by considering innovation, geographical expansion, governance and succession planning. These trends were discussed at the recently concluded KPMG MESA Family Business Summit themed ‘driving growth through innovation and excellence’ which took place in Dubai, with over one hundred delegates from prominent family-owned companies in attendance.
Family businesses in the Middle East & South Asia (“MESA”) region are looking at the next stage of growth by considering innovation, geographical expansion, governance and succession planning. These trends were discussed at the recently concluded KPMG MESA Family Business Summit themed ‘driving growth through innovation and excellence’ which took place in Dubai, with over one hundred delegates from prominent family-owned companies in attendance.
The keynote speaker, Randel Carlock, Professor in Entrepreneurial Leadership at INSEAD, spoke on the topic ‘driving business culture with family values’ describing examples of how many global family businesses prospered by emphasizing innovation within the organizational culture.
Reyaz Mihular, Chairman at KPMG MESA highlighted changes in the technology landscape which are triggering new opportunities and challenges for family businesses in the region. He added that businesses should be agile and innovative to succeed in this new normal.
Tom McGinness, Global Co-Leader for Family Business at KPMG International, presented key findings from the STEP 2019 Global Family Business Survey, a publication sponsored by the KPMG Enterprise Center of Excellence for Family Business. The survey depicted the emergence of millennial family business leaders, with refreshed outlook and priorities.
Dr Rasheed Al-Qenae, Managing Partner – KPMG Kuwait said “The STEP initiative is a brilliant program to help private enterprises. We are working with other member firms to implement the program in Kuwait. Our private enterprise experts around the world work closely with family business owners to solve their business problems as they understand the business environment of these organizations.”
Nussri Tahboub, Director Management Consulting, KPMG Kuwait said “it was quite interesting to see family business owners across the GCC region including Kuwait meet and discuss opportunities and challenges on one platform. This kind of networking helps better tie-ups among the private enterprises in the region and increases the profitability beyond the home turf.”
Dr Rasheed along with Nussri Tahboub and Jasem Al-Qenae, Manger Audit – KPMG Kuwait represented the Kuwait member firm at the event.
The Summit was facilitated by Harish Gopinath, Head of Family Business & Private Enterprise at KPMG MESA. Speakers and panel members included Abdulla Fareed Al Gurg – Group CEO, Easa Saleh Al Gurg Group; Hala Yateem – Director, A M Yateem Brothers; Subramaniam Eassuwaren – Director, Eswaran Brothers; Tharwat Amer – Group CFO, SEDCO Holding; Jamal Fakhro – Managing Partner, KPMG in Bahrain; Nader Haffar, Chairman & CEO, KPMG Lower Gulf and Neeraj Gupta – Head of Lighthouse, KPMG Al Fozan and Partners, Saudi Arabia.
