Tharawat Family Business Forum hosts workshop on winning strategies for Arab family businesses

In the interactive workshop, Prof. Wells urged Arab family businesses to reflect on and review their strategies in the light of the current economic crisis.

He outlined practical and comprehensive approaches to help family businesses in the region assess their corporate strategies and identify actions to ensure business sustainability.

Through practical cases, participants were able to explore strategies for managing the impact of the downturn and how the introduction of timely corrective action can save companies from crises. The workshop showed that innovation, responsible leadership and people development will help Arab family firms successfully emerge from the financial crisis.

Mr. Essa Al Ghurair, Chairman of the Tharawat Family Business Forum, said:

"Events like this highlight the critical need for family businesses to re-think and re-organize their strategies and governance systems. Such gatherings will serve to strengthen the bond between family firms and help them play a more positive role as essential catalysts in the growth and development of the region's economy."

Prof. Dr. Wells, President of IMD said, "Family businesses are a critical force in the Gulf and key to the region's economic success. This is why I was delighted to have the opportunity to discuss the strategic challenges of such businesses with some of the region's top families. I look forward to developing stronger relationships between IMD and members of the Tharawat Family Business Forum."

Dr. Hischam El Agamy, Executive Director of the Tharawat Family Business Forum, said:

"Tharawat Family Business Forum prides itself on its hands-on educational program for family businesses. Tharawat knows that it is not only important to get outside expert opinions but to listen to the vast experience and knowledge of family businesses themselves. One of the main efforts of our Forum is to stimulate the sharing of knowledge amongst family businesses as well as facilitating access to the knowledge of experts in a variety of fields."

"We are honoured that Professor Wells agreed to share with us his thoughts on winning strategies for family businesses. In order to face the current challenges and to further innovate, family enterprises, as the pillars of Arab economies need to address major issues such as strategy. Winning strategies for family businesses will become winning strategies for their communities," Dr. El Agamy added.

As the global situation continues to affect economic players across the region, family businesses in the Arab world are expected to play a major role in stimulating regional recovery. According to business experts, a clear internal structure and sound business strategy are critical for family businesses to be able to play this role effectively.