Abdullah bin Adel Fakhro, Minister of Industry and Commerce, participated in the launch of the 2024 MESAC Family Business Summit, hosted by KPMG in the Middle East, South Asia and the Caspian Sea region, in Bahrain.
The summit was held on February 13-14 under the slogan “Preserving the Legacy” in family businesses across the region.
The minister affirmed the importance of developing the business sector in Bahrain and attracting more local and international investments by facilitating procedures and developing laws and legislations that support conducting business in a way that ensures growth and sustainability.
The summit addressed important topics including preserving and renewing the legacy of family businesses, reinventing family businesses, the role of women in preserving family heritage, diversification while upholding family values, and emerging entrepreneurship that drives digital innovation within family businesses.
On the sidelines of the summit, Fakhro said that with their long history, family businesses represent an important part of the national economy and have a positive impact on the comprehensive development of the region.
He highlighted the constant keenness to provide support for small and medium enterprises and improve their strength and productivity, considering their prominent role in the national economic development.
“We are honoured to host the Family Business Summit 2024, and we hope that this will be an opportunity to share leading practices across the region and beyond, and we look forward to continue building new partnerships and friendships that support the business sector,” he added.
Harish Gopinath, Head of KPMG Enterprise in the MESAC region, said that the challenges and opportunities faced by family businesses in this region are unique and require tailored strategies to provide an intricate balance for business leaders to leverage their success for future growth, while also looking to sustain the legacy of their enterprise for future generations.
“The summit will provide a platform for participants to share insights and strategies, ensuring that they have a virtuous network to be support them in sustainable growth of their family legacies,” he said.
Generational transition and innovation; Women empowerment in Family Businesses; ESG integration in family business practices; Leveraging the Start-up/ Entrepreneurial mindset to drive Digital Innovation; and Cross-border collaborations are some of the key areas that reflect the most recent trends and diverse dynamics within family businesses in the MESAC region.
Jamal Fakhro, Managing Partner of KPMG in Bahrain, expressed the honour to host the 2024 MESAC Family Business Summit in Bahrain this year.
“We look forward to welcoming the family members and senior business leaders who represent some of the largest and most progressive family businesses across the region. It is also an opportunity for us to recognize, showcase and engage with some of the leading Bahraini Family business leaders to understand how they have addressed specific challenges within their operations, and leverage critical growth opportunities to foster a platform for collaboration and knowledge exchange within the national marketplace,” he added.
BNA(R)
