24 November 2008
While it is prudent to exercise caution during the global financial crisis, family businesses should avoid pessimism, speakers at the DIFC Summit, organised by the Dubai International Financial Centre (DIFC) and the Tharawat Family Business Forum, said yesterday.
Speaking at the afternoon session of the DIFC Summit, leading decision makers of family businesses in the GCC region said, taking measures to avoid an unfavourable impact on the business is necessary; however, family businesses in the region should avoid making decisions based on fear and negative sentiments.
Speakers at the closed-door Summit cautioned family businesses against over-reacting to the crisis. " "All that you need to make sure is that you are prudent in the way you invest. Don't change plans, just slow down and take stock of the situation," one of the speakers said.
Leading family business owners emphasised on the critical need for clear and concise communication to shareholders on the impact of the crisis. "For example, if there is a meeting held to discuss change in strategic direction, clear communications always puts you in the right frame of mind," the head of a leading regional family business group said:
Clear communication is also necessary to ensure cohesion among family members who have a stake in the business. Leaders should ensure that they transfer their expertise and experience to younger family members to enhance family unity, speakers said.
Succession planning was one of the key topics discussed at the interactive afternoon session. Delegates stressed on the importance of grooming younger talent in the family and adopting a meritocratic approach to succession planning. Young members of the family should have a minimum level of experience in external businesses, to be considered for leadership in family businesses, they said.
The first business event that forms part of DIFC Week, the DIFC Summit discussed the opportunities and challenges faced by family businesses in the current global economic environment. DIFC Week is DIFC's prestigious annual series of business conferences The Summit attracted the participation of 75 leading Arab family businesses and their representatives, including:
- His Excellency Abdulaziz Al Ghurair
- His Royal Highness Prince Mohamed Al Faisal
- His Excellency Dr. Omar Bin Sulaiman
- Mr. Essa Al Ghurair
- Mr. Khalid Al Zamil
- Mr. Salah Al Wazzan
- Mr. Hussein Jawad
- Mr. Essa Al Serkal
The DIFC Week Conference is sponsored by Alvarez & Marsal, Conyers, Dill & Pearman, Emirates NBD, Grant Thornton, HAYS, International Compliance Training (ICT) Middle East, Kershaw Leonard, Latham and Watkins, M: Communications, Norton Rose and Union Properties while the DIFC Week Gala Networking Reception is sponsored by SungardThe DIFC Summit is run in association with the Tharawat Family Business Forum.
DIFC Week is also grateful for the active support and involvement of its Knowledge Partners who include Al Tamimi & Company, British Business Group, DIFC Centre of Excellence, Oxford Analytica, Simmons & Simmons, Young Arab Leaders, and DNM connect; its Media Partners which are, AME Info, Arabian Business,, Al Arabiya News Channel, CNBC, Dow Jones, Dubai Eye, Financial News, The Times, The Sunday Times, SAB Media, The Wall Street Journal, Oxford Business Group and Zawya; as well as DIFC Week's Joint Marketing Partner, Dubai Corporate Counsel Group..
To register or find out more information about the Summit, Forum and Conference taking place at DIFC Week, visit www.difcweek.ae
- Ends -
About DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. Since November 2004, over 650 firms have registered at DIFC. They operate in an open environment complemented with world-class regulations and standards. DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition, their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. In March 2008, the City of London's Global Financial Centres Index (GFCI) ranked Dubai as the region's fastest growing financial hub. For more information please visit www.difc.ae.
About Tharawat Family Business Forum:
The Tharawat Family Business Forum is a network of family-owned enterprises in the Arab World. The organisation provides a platform for the exchange of ideas and experiences on business and management issues related to family businesses in the Arab world. Tharawat's vision is to become the first-choice networking and mutual-assistance forum for family businesses in the Arab world. Through its network of members, Tharawat aims to encourage collaboration and alliances among family-owned and controlled firms in the region. It provides its members specialised education and helps them leverage business opportunities in the region and beyond. The forum seeks to bring a new focus on the business, social and cultural challenges facing family firms in the region. It promotes and sponsors research that helps advance the sustainable development of family businesses. It also works to raise public awareness of new developments within the family business sector. The Tharawat Family Business Forum has a governance structure designed to guarantee the transparency of its activities and its receptivity to high-quality inputs from both members and external experts. The members of Tharawat constitute an innovative and committed community of family-owned businesses, working together to improve collaboration, business growth, and prosperity. For more information please visit (http://www.tharawat.org )
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank's commitment in the MENA region is more than a century old, beginning with the Bank's financing of the construction of the Baghdad railway. Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE's Capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office inaugurated in 2001 and a branch at the Dubai International Financial Centre (DIFC) in 2005. In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. In November of 2007, Deutsche Bank opened its branch in the Qatar Financial Centre in Doha. Deutsche Bank AG in the MENA region offers the full range of investment banking, asset management; private wealth management; and global transaction banking services. Deutsche Bank AG is well recognized for its leading role on some of the most prestigious regional transactions. The Bank is the recipient of several regional and international awards in recognition for its achievements in investment banking and Islamic finance in the region.www.db. ,www.db.com/mena
About Abraaj Capital
Dubai-based Abraaj Capital is the largest private equity company in the Middle East and North Africa with more than US$ 7.5 billion of assets under management. Established in 2002, the company has led the way in developing the private equity industry in the region. Abraaj Capital Ltd. is licensed by the Dubai Financial Services Authority, which operates according to international regulatory standards. The company's more than 165 'best in class' employees are drawn from the global talent pool, and span more than two dozen nationalities. Abraaj Capital invests in the growing Middle East, North Africa and South Asia (MENASA) region and has executed some of its landmark deals. These include the US$ 1.41 billion purchase in 2007 of Egyptian Fertilizers Company, the largest leveraged buy-out in MENA. Abraaj Capital has won several industry awards, including 'Middle Eastern Private Equity Firm of the Year' from Private Equity International (2005, 2006 & 2007). On average, Internal Rates of Return exceed 50 percent.
For more information, please contact:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae
Iman Ahmad
Dubai International Financial Centre
Tel: +971 4 362 2685
e-mail: iman.ahmad@difc.ae
Nerys Williams
Dubai International Financial Centre
Tel: +971 4 362 2685
e-mail: nerys.williams@difc.ae
Alex Blake-Milton
Brunswick
Tel: +971 4 365 8260
E-mail: DIFCWEEK@brunswickgroup.com
Azadeh Varzi
Brunswick
Tel: +971 4 365 8260
E-mail: DIFCWEEK@brunswickgroup.com
John Rothera
Brunswick
Tel: +971 4 365 8260
E-mail: DIFCWEEK@brunswickgroup.com
While it is prudent to exercise caution during the global financial crisis, family businesses should avoid pessimism, speakers at the DIFC Summit, organised by the Dubai International Financial Centre (DIFC) and the Tharawat Family Business Forum, said yesterday.
Speaking at the afternoon session of the DIFC Summit, leading decision makers of family businesses in the GCC region said, taking measures to avoid an unfavourable impact on the business is necessary; however, family businesses in the region should avoid making decisions based on fear and negative sentiments.
Speakers at the closed-door Summit cautioned family businesses against over-reacting to the crisis. " "All that you need to make sure is that you are prudent in the way you invest. Don't change plans, just slow down and take stock of the situation," one of the speakers said.
Leading family business owners emphasised on the critical need for clear and concise communication to shareholders on the impact of the crisis. "For example, if there is a meeting held to discuss change in strategic direction, clear communications always puts you in the right frame of mind," the head of a leading regional family business group said:
Clear communication is also necessary to ensure cohesion among family members who have a stake in the business. Leaders should ensure that they transfer their expertise and experience to younger family members to enhance family unity, speakers said.
Succession planning was one of the key topics discussed at the interactive afternoon session. Delegates stressed on the importance of grooming younger talent in the family and adopting a meritocratic approach to succession planning. Young members of the family should have a minimum level of experience in external businesses, to be considered for leadership in family businesses, they said.
The first business event that forms part of DIFC Week, the DIFC Summit discussed the opportunities and challenges faced by family businesses in the current global economic environment. DIFC Week is DIFC's prestigious annual series of business conferences The Summit attracted the participation of 75 leading Arab family businesses and their representatives, including:
- His Excellency Abdulaziz Al Ghurair
- His Royal Highness Prince Mohamed Al Faisal
- His Excellency Dr. Omar Bin Sulaiman
- Mr. Essa Al Ghurair
- Mr. Khalid Al Zamil
- Mr. Salah Al Wazzan
- Mr. Hussein Jawad
- Mr. Essa Al Serkal
The DIFC Week Conference is sponsored by Alvarez & Marsal, Conyers, Dill & Pearman, Emirates NBD, Grant Thornton, HAYS, International Compliance Training (ICT) Middle East, Kershaw Leonard, Latham and Watkins, M: Communications, Norton Rose and Union Properties while the DIFC Week Gala Networking Reception is sponsored by SungardThe DIFC Summit is run in association with the Tharawat Family Business Forum.
DIFC Week is also grateful for the active support and involvement of its Knowledge Partners who include Al Tamimi & Company, British Business Group, DIFC Centre of Excellence, Oxford Analytica, Simmons & Simmons, Young Arab Leaders, and DNM connect; its Media Partners which are, AME Info, Arabian Business,, Al Arabiya News Channel, CNBC, Dow Jones, Dubai Eye, Financial News, The Times, The Sunday Times, SAB Media, The Wall Street Journal, Oxford Business Group and Zawya; as well as DIFC Week's Joint Marketing Partner, Dubai Corporate Counsel Group..
To register or find out more information about the Summit, Forum and Conference taking place at DIFC Week, visit www.difcweek.ae
- Ends -
About DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. Since November 2004, over 650 firms have registered at DIFC. They operate in an open environment complemented with world-class regulations and standards. DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition, their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. In March 2008, the City of London's Global Financial Centres Index (GFCI) ranked Dubai as the region's fastest growing financial hub. For more information please visit www.difc.ae.
About Tharawat Family Business Forum:
The Tharawat Family Business Forum is a network of family-owned enterprises in the Arab World. The organisation provides a platform for the exchange of ideas and experiences on business and management issues related to family businesses in the Arab world. Tharawat's vision is to become the first-choice networking and mutual-assistance forum for family businesses in the Arab world. Through its network of members, Tharawat aims to encourage collaboration and alliances among family-owned and controlled firms in the region. It provides its members specialised education and helps them leverage business opportunities in the region and beyond. The forum seeks to bring a new focus on the business, social and cultural challenges facing family firms in the region. It promotes and sponsors research that helps advance the sustainable development of family businesses. It also works to raise public awareness of new developments within the family business sector. The Tharawat Family Business Forum has a governance structure designed to guarantee the transparency of its activities and its receptivity to high-quality inputs from both members and external experts. The members of Tharawat constitute an innovative and committed community of family-owned businesses, working together to improve collaboration, business growth, and prosperity. For more information please visit (http://www.tharawat.org )
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank's commitment in the MENA region is more than a century old, beginning with the Bank's financing of the construction of the Baghdad railway. Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE's Capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office inaugurated in 2001 and a branch at the Dubai International Financial Centre (DIFC) in 2005. In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. In November of 2007, Deutsche Bank opened its branch in the Qatar Financial Centre in Doha. Deutsche Bank AG in the MENA region offers the full range of investment banking, asset management; private wealth management; and global transaction banking services. Deutsche Bank AG is well recognized for its leading role on some of the most prestigious regional transactions. The Bank is the recipient of several regional and international awards in recognition for its achievements in investment banking and Islamic finance in the region.www.db. ,www.db.com/mena
About Abraaj Capital
Dubai-based Abraaj Capital is the largest private equity company in the Middle East and North Africa with more than US$ 7.5 billion of assets under management. Established in 2002, the company has led the way in developing the private equity industry in the region. Abraaj Capital Ltd. is licensed by the Dubai Financial Services Authority, which operates according to international regulatory standards. The company's more than 165 'best in class' employees are drawn from the global talent pool, and span more than two dozen nationalities. Abraaj Capital invests in the growing Middle East, North Africa and South Asia (MENASA) region and has executed some of its landmark deals. These include the US$ 1.41 billion purchase in 2007 of Egyptian Fertilizers Company, the largest leveraged buy-out in MENA. Abraaj Capital has won several industry awards, including 'Middle Eastern Private Equity Firm of the Year' from Private Equity International (2005, 2006 & 2007). On average, Internal Rates of Return exceed 50 percent.
For more information, please contact:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae
Iman Ahmad
Dubai International Financial Centre
Tel: +971 4 362 2685
e-mail: iman.ahmad@difc.ae
Nerys Williams
Dubai International Financial Centre
Tel: +971 4 362 2685
e-mail: nerys.williams@difc.ae
Alex Blake-Milton
Brunswick
Tel: +971 4 365 8260
E-mail: DIFCWEEK@brunswickgroup.com
Azadeh Varzi
Brunswick
Tel: +971 4 365 8260
E-mail: DIFCWEEK@brunswickgroup.com
John Rothera
Brunswick
Tel: +971 4 365 8260
E-mail: DIFCWEEK@brunswickgroup.com
© Press Release 2008
