Attended by prominent family business delegates and industry experts from across the region, the Middle East and South Asia (MESA) Family Business Conference took place today at the Art Rotana hotel in Amwaj Island Bahrain under the theme “the next generation”.
Hosted and organized by KPMG Fakhro, the conference shed light on transition in family enterprises and preparing the next generation to move into leadership roles.
The MESA Family Business Conference brought together family business from across the region to learn from the KPMG team and international experts. The event was attended by key officials including Tamkeen’s Chairman H.E. Shaikh Mohammed bin Essa Al Khalifa who attended the cocktail reception organized on the sidelines of this key event.
Chief Executive of the Bahrain Economic Development Board, Mr. Khalid Al Rumaihi, was the chief guest speaker during the conference. In his speech, Mr. Al Rumahi stressed the importance of succession planning and sustainable growth to ensure the well-being and legacy of family businesses.
Family owned businesses are considered as a catalyst for economic growth in the GCC countries. In this regards, KPMG’s Managing Partner Mr. Jamal Fakhro elaborated on the challenges faced by family businesses in balancing between business and family perspectives during the decision-making process.
“Having worked with family businesses across the region, we have come to realize that succession, building next generation leaders, wealth preservation and governance are issues that the sector regularly faces. We have themed our event around, transition to new generation, to share perspective and insight to help family business owners consider these issues,” Mr. Fakhro stated.
The one-day conference included a series of interactive presentations and panel discussions. Mr. Christophe Bernard, KPMG’s Global Head of Family Business, and Mr. Harish Gopinath, Partner at KPMG in Bahrain spoke about family business governance and planning. This was followed by a presentation from Professor Randel Carlock, founding Director of the Wendel International Centre for Family Enterprise and Professor in Entrepreneurial Leadership, on next generation perspective, developing a family constitution, talent development, and wealth preservation and stewardship. Prominent business owners in Bahrain and the region concluded the event with a panel discussion on “first generation”.
KPMG member firms in the Middle East and South Asia region have worked alongside family businesses for decades. To support the unique needs of family businesses, many KPMG member firms have also established dedicated family business and enterprise practices offering relevant information and advice to support family-owned companies.