Abu Dhabi Family Business Council Partners With Gulf Organisation To Strengthen Family Enterprises

The Abu Dhabi Family Business Council (ADFBC) has entered into a partnership with the Family Business Council Gulf (FBCG). This collaboration aims to enhance the resilience and competitiveness of family businesses in the Gulf Cooperation Council. The agreement aligns with Abu Dhabi's goal to become a global hub for family enterprises and private sector leadership.

The agreement was formalised by Khaled Al Fahim, Chairman of ADFBC, and Badr Al Ghurair, Board Member of FBCG, during Abu Dhabi Finance Week. It focuses on capability-building programmes, leadership development for future generations, and advancing family governance initiatives. Additionally, it includes organising forums and workshops, as well as issuing studies and policy papers on future challenges for family businesses.

A key aspect of this partnership is promoting best practices in strategic planning and business continuity. It also emphasises leadership succession and family governance. The joint work plan aims to develop training programmes for next-generation leaders in family businesses. It will also launch governance initiatives and design succession frameworks.

High-level events, roundtables, and dialogue groups will be organised under this agreement. These gatherings will bring together family business leaders, policymakers, and international experts. Knowledge-sharing channels will be established to connect local and regional family business communities.

Family businesses play a crucial role in the economy. In the Middle East, they account for up to 90% of private sector companies, contribute around 60% of GDP, and generate nearly 80% of private sector employment. In the UAE specifically, these enterprises contribute 60% of GDP and employ 80% of the workforce.

In Abu Dhabi alone, family businesses represent 50% of companies in construction, 60% in financial services, 80% in wholesale trade, and 70% in transport. Globally, they generate nearly 70% of GDP and employ approximately 60% of the workforce.

Strategic Importance for Abu Dhabi

Khaled Al Fahim highlighted that this agreement is pivotal for strengthening family businesses as an economic pillar. He stated that investing in capability building and governance ensures continuity across generations while supporting economic diversification in Abu Dhabi.

Badr Al Ghurair noted that this partnership expands their community in Abu Dhabi by connecting local businesses with a global network of over 20,000 members across 65 countries. He emphasised Abu Dhabi's unique position as a hub for continuity and generational wealth.

Future Prospects

Hind Bahwan from the Family Business Council Gulf remarked on the promising economic growth phase in the Gulf region. She expressed confidence that this partnership would create high-value opportunities for family enterprises' future while reinforcing their role in shaping economic development's next chapter.

This agreement comes amid growing recognition of family businesses' central economic role. It is expected to establish a reference framework for these enterprises in the UAE and beyond while strengthening Abu Dhabi's position as a global destination for sustainable enterprise planning.

With inputs from WAM