Qatar - The Qatar Financial Centre (QFC) is keen on attracting both domestic and overseas family businesses in view of their preeminent role in ensuring economic stability for the economies, according to its top official.

"Considering their indispensable role in economic development, the QFC is keen on creating opportunities for family businesses from Qatar and around the world, allowing them to diversify their activities across various sectors within the Qatari market and beyond," QFC Authority Chief Executive Officer Yousuf Mohamed al-Jaida told the inaugural 'Family Business Community Retreat', organised by QFC in association with Julius Baer, a leading wealth manager.

Family businesses, according to him, play a critical role in the stability of economies, contributing largely to GDP (gross domestic product) and employing a great percentage of a market's labour force.

The two-day Retreat was organised to explore the latest trends and shifting priorities in global family businesses, emphasising shared responsibility and a sense of duty. The event commenced with an evening networking gathering attended by HE Sheikha Al Mayassa bint Hamad bin Khalifa al-Thani, the guest of honour and keynote speaker.

Sheikha Alanoud bint Hamad al-Thani, Deputy Chief Executive Officer and Chief Business Officer, QFC, said family businesses continue to drive economic growth and development in the Middle East and North Africa and have been a cornerstone of the QFC's community in the past decade.

"We are proud to officially launch our Family Business Community as a valuable resource and a trusted space for over 100 family business leaders and their next generation to address common challenges and exchange best practices on building resilience among leading families. At the QFC, we are committed to supporting their growth and success,” she said.

The forum comprised interactive dialogues and in-depth discussions to facilitate the exchange of insights, stimulate meaningful debates, and drive action on critical issues pertaining to family business management. Key topics addressed included wealth management and preservation, succession planning, governance, adapting family businesses to digital transformation, leveraging technology and artificial intelligence, and philanthropy.
Slim Bouker, Chief Executive Officer, Julius Baer (QFC), said family businesses are the foundation on which the Gulf Cooperation Council is built.

Highlighting that Julius Baer as a wealth manager has its origins as a family business; he said "this provides us with a unique insight into the topic and we strive to support families in navigating their multi-generational wealth journeys with the belief that how we invest today is how we live tomorrow."

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