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Originally from New Zealand, Steve Ashby formed ‘Rise,’ a community-driven initiative aimed at raising awareness and supporting those affected
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UAE Family Businesses More Perceptive of Opportunities
DUBAI — Family businesses in the UAE have a higher perception of business opportunities in their sector of operations than their counterparts in the United States, a study reveals.
The study by the Dubai International Financial Centre or DIFC Research Unit, the first to compare UAE-based family businesses with US-based family businesses, suggests a higher level of satisfaction with planning practices among chife operating officials of the UAE family businesses compared to US CEOs. In lights of its findings, the DIFC study stresses the importance of writing of a family constitution that governs the family-business relations to avoid future conflicts and clearly defines responsibilities and expectations among the various members of the business. The DIFC study, entitled “Differing perceptions and challenges facing UAE family businesses: Implications for practice” encourages family-owned enterprises to engage in a re-strategising exercise that ensures the balancing of the growth and diversification drive witnessed by many organisations at its early stages with the need to introduce sound governance models and organisational systems. The study highlights the key significance of involving all stakeholders in this exercise.
Dr. Omar bin Sulaiman, Governor of the Dubai International Financial Centre, said Arabian Gulf is dominated by family businesses. “Most of the family business in the UAE and the Gulf are still young and in transition phases.”
“The family-run business faces many challenges such as globalisation, the growing number of family members in each generation, growth of the company, succession plans and business continuity. It is well known that nearly 95 per cent of family businesses do not survive the third generation of ownership primarily due to lack of planning in the succession.”The comprehensive study, done with the support of the Walker Center for Global Entrepreneurship at Thunderbird School of Global Management, comes as part of the DIFC’s efforts to provide fact-based business intelligence that would help regional family owned businesses to cope with the pressures of change and succession-planning as well as assist the international business community to understand the needs and aspirations of UAE-based family businesses, said Dr. Omar. Dr. Zeinab Karake Shalhoub, Director of Research, DIFC Investments, said the research showed that in the UAE, as well as in the US, CEOs generally perceived the practices, cultures and succession processes more favourably than other family members.
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