European family businesses turn their gaze towards Dubai

The Mandjoukov family marked the 10th anniversary of FBN-Bulgaria with HM King Simeon II

The UAE offers some of the most favourable conditions for family enterprises to thrive, according to Petar Mandjoukov, the founder and honorary chairman of the Family Business Network – Bulgaria

The government policy and the legislation of the UAE provide very good conditions for development of family businesses, said the founder and honorary chairman of the Family Business Network (FBN) – Bulgaria, Petar Mandjoukov.

His plans now are to meet up with the management of FBN-International and the Management Board of the European Group of Family Enterprises (GEEF) soon in order to introduce them to the latest changes in the legal framework of the UAE and promote the excellent conditions for development of family entrepreneurship in Dubai to the representatives of the European family businesses.

Once again embracing their philosophy of the role and importance of family businesses, in early 2021 the Mandjoukov family took a decision to partner up with a famous and renowned family from Dubai by acquiring interest in their company.

Expressing his admiration of the Family Business Council – Gulf for its active participation in the drafting the legal reforms, Mandjoukov said that these reforms support the idea of continuity in family business and raise the rules for its management to a whole new level. He also endorsed the official statement of the government authorities that the draft law concerning both the citizens of the UAE and foreign investors will encourage competition and turn the region into a centre of interest for many family-run businesses.

The idea of establishing the Family Business Network – Bulgaria was born when Mandjoukov met Thierry Lombard, a managing partner in Lombard Odier Darier Hentsch & Cie. Lombard is the sixth generation at the helm of the family-owned business. He is a passionate supporter of family businesses and a member of the Management Board of the Family Business Network International (FBN-I), as well as a partner of the French association representing medium-sized and family-owned businesses.

It was then that the Bulgarian entrepreneur decided to set up an organisation that would support the development and advancement of family businesses in his country and would keep and carry forward the traditions and continuity in this area.

In 2006, Mandjoukov met Olivier de Richoufftz, executive director of Family Business Network International. The family business organisation in Bulgaria was registered on January 17, 2007. A month later, FBN - Bulgaria was admitted as a fellow member of the global organisation Family Business Network – International based in Lausanne (Switzerland) and of the Management Board of the European Group of Family Enterprises (GEEF) based in Barcelona (Spain).

At the recommendation of the Government of the Republic of Uzbekistan and by decision of the Bulgarian Government of 31 October 2019, Mandjoukov was appointed as the Honorary Consul of the Republic of Uzbekistan in Bulgaria. In this capacity he has been carrying out his investment and business projects there for many years, together with his son, Ivaylo Mandjoukov.

In his own words, both the Middle East and Bulgaria consider the family as a supreme institution, and a solid base for the development of a successful business. A number of studies classify family enterprises in the UAE as key players in the high technology and digitalisation industry. What is more – the culture of this region help incorporate charity, social responsibility and care for the environment as natural parts of the management strategies. It is only logical that family companies in Dubai rank among the most prominent leaders in the area of corporate social responsibility, according to Mandjoukov.