Family businesses contributing to 60% of GCC’s GDP
KUWAIT CITY, June 2: The Family Business Council Gulf (FBCG) has launched the first ‘Family Business Awards’ among the member-nations of the Gulf Cooperation Council (GCC) which, according to FBCG Chairman Omar K. Alghanim, aims to highlight the success of family businesses from one generation to another. Alghanim pointed out the lack of efforts in honoring family businesses even if they are the main players in the region. He said these businesses “contribute a significant value, create jobs and launch innovative enterprises, but their contribution has been seldom recognized.” He disclosed the ‘Family Business Awards’ is aimed at “celebrating their success in building thriving business models across generations. The pandemic has particularly highlighted the need for building local entrepreneurship, and the Awards will inspire new generations of entrepreneurs who can learn from the lessons of the established businesses as they pass their legacy to the new generation.” The Awards will focus on the contributions of family businesses as follows: about 60 percent of the gross domestic product in the GCC and employing around 80 percent of the total workforce. According to the council, the participants include all establishments in the GCC that are part of a family-owned business and at least in the second generation under four categories: SME Family Business, Non-Family Executive, NexGen Venture and NexGen Innovation.
The winners will be honored at the FBCG Awards Ceremony; in addition to the opportunity to attend FBCG’s member-only Annual Summit and gala dinner, and exclusive access to select FBCG events, activities and education programs for one year. Businesses can nominate or selfnominate for the categories by June 30, 2021 by logging on to www.fbcgawards. com where they could also find the specific eligibility criteria. A panel of judges headed by Bahwan CyberTek Group Chairperson Hind Bahwan will assess the SME Family Business and Non-Family Executive categories; while Alghanim and other members of the FBCG Board of Directors will be in charge of selecting winners under the NexGen Venture and NexGen Innovation categories. Other members of the panel judges include international and regional academic experts Dr Bridget Kustin – Research Fellow and Qualitative Lead, Oxford Ownership Project at University of Oxford, Associate Professor Dr Rodrigo Basco and Chair in Family Business at AUS Sheikh Saoud bin Khalid bin Khalid Al-Qassimi; CEO of FBN International Alexis Du Roy De Blicquy; General Counsel of Al-Futtaim Group Fadi Hammadeh; and next generation family business leaders Lulwa Al-Soudairy from Saudi Arabia and Rahma Al-Barwani from Oman.