Global family businesses promote multistakeholder collaboration

UAE family businesses generate more than 60% of GDP

Published: Thu 17 Oct 2024, 12:43 AM

Updated: Thu 17 Oct 2024, 12:41 AM

The second edition of Campden Global Owners & Family Office Congress brought together more than 300 family business principals from over 30 countries to share knowledge, best practices, and discuss collaboration in addressing opportunities and challenges facing family businesses and the communities they operate within.

The event takes place at a time when an increasing number of wealthy individuals in North America and Asia are investigating setting up family offices in the UAE as they seek to take advantage of the growth opportunities in the region.

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The event featured a variety of high-profile speakers including Badr Jafar, Special Envoy for Business & Philanthropy, UAE, and CEO of Crescent Enterprises, Adil Alzarooni, Chairman & CEO of Al Zarooni Emirates Investments, Mathew Garver, Principal of Liberty Street Capital, Jack Hidary, CEO of SandboxAQ, and Mishal Kanoo, Chairman of The Kanoo Group.

The congress began with the opening keynote provided by Badr Jafar titled “Family Businesses & Geo-Economics: The Imperative for Multistakeholder Governance”. The remarks underscored the unique influence family-owned enterprises wield in today’s global economy. As major drivers of growth, innovation, and employment across various regions, family businesses are increasingly recognised as pivotal players in addressing pressing geo-economic and socio-economic challenges.

Framing the vast potential of the sector Jafar commented: “In the UAE, family-owned businesses contribute over 60% of the GDP and employ more than 80% of the workforce. Globally, the family office sector has been expanding rapidly, with recent reports projecting global family office wealth to reach $9.5 trillion by 2030.”

Jafar’s keynote also highlighted that the UAE’s strategy for addressing global challenges is underpinned by a deep commitment to multistakeholder collaboration, a model that has proven essential for tackling complex, interconnected issues like climate change and sustainable development. He highlighted that fostering collaboration across business, government and philanthropy will enable diverse actors to contribute their unique strengths and resources to generate a multiplier effect that accelerates progress.

The congress also addressed the major challenges faced by global business owners in the 21st century, highlighting the need for family businesses to adopt sustainable practices and digital transformation. Leaders also explored strategies for ensuring a smooth intergenerational wealth transfer and leadership transitions, while maintaining resilience and competitiveness in a rapidly evolving global landscape.

The Campden Global Owners and Family Office Congress is a week-long experiential platform consisting of discussions, workshops and family showcases, bringing together family business owners from around the world to introduce new opportunities and share knowledge.

A Staff Reporter

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