Family Business Retreat held under the patronage of Dr Hassan A Fakhro, Minister of Industry and Commerce, Kingdom of Bahrain; Khalid Kanoo to chair the conference

Dubai - January 5th, 2011: Comprising of over 75 percent of the private sector, an AT Kearney report states that family businesses are a key driver to economic recovery and will need better governance and leaner organizations to deal with an uncertain future[i].

Dr Hassan A Fakhro, Minister of Industry and Commerce, Kingdom of Bahrain, and Patron of the 'Family Business Retreat' being held in Manama, Bahrain from January 24th to 27th 2011, endorses this view saying: "We are happy that IIR Middle East has chosen Bahrain to host the Family Business Retreat. Family Businesses play a vital role in the growing economies of Bahrain and across the region. I hope this event provides a platform for all family business leaders to share ideas and address relevant issues."

Addressing the growth of family business in the region, Constantin Salameh, Chief Executive Officer of Abdulla Al-Masaood & Sons, a diversified private holding with interests in more than 40 business units spanning several market segments, is of the opinion that family businesses in the Middle East are faced with three main challenges, which, if navigated properly, will help pull them out of their financial woes.

"The recent economic downturn has exposed family businesses to strategic and operational challenges," he said. "Family business leaders need to gear themselves for a very competitive business environment, especially, from other family businesses and multinational conglomerates coming from the Far East and Europe."

The challenges, according to Salameh, are risk management, portfolio rationalization and corporate governance.  Management investment risk requires for prudent decision making clarity and ensures that companies diversify their investments across different verticals, industries and geographies. Portfolio rationalization on the other hand, ensures companies focus on their core competencies, thereby attaining leadership positions and taking strategic business decisions. And finally, corporate governance allows family businesses to have the right financial and business control foundation ensuring continuous value creation.

With the old-guard starting to hand down the reins of power to a more dynamic, risk-friendly younger group of leaders, the strength, diversification and legacy of the past will play a vital role in keeping the boat steady. The Family Business Retreat will have eminent speakers; Khalid Kanoo, Chairman of the Bahrain Family Business Association to chair the conference and participation from over 60 delegates focusing on building the family business in the region. This selective event is sponsored by OGIER with PRAESTA as the event partner.

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About Family Business Retreat:
The Family Business Retreat will have the top names in the region's family businesses and the financial sector. The event will address the challenges that face family business today and present cutting edge debate and discussion amongst investment experts, regulators and leaders in the region's family businesses. For more details about the forum and the full program, please visit www.iirme.com/familybusiness

For media requests, please contact:
Phone +971 (4) 4472501
Email team@tcf-me.com
P.O. Box 29764
Dubai, United Arab Emirates
Fax +971 (4) 447 2505

[i] ATKearney - Family Business in the GCC - Putting Your House in Order

© Press Release 2011