Riyadh-Amlak
The National Center for Family Enterprises, Council of Saudi Chambers, in cooperation with the National Anti-Corruption Commission and the Pearl Charity Initiative, will organize the first National Forum for Family Enterprises under the title: «Best Governance Practices in Combating Corruption in Saudi Family Enterprises» under the patronage of Mohammed bin Abdullah Al Sharif, Chairman of the National Anti-Corruption Commission «Nazaha» on April 30 with the participation of local and international experts in the field of governance.
The forum will highlight the most prominent international and national pioneering and successful experiences in the field of governance applications and demonstrate their role in enhancing the sustainability of family businesses and in combating corruption and bribery.
The forum aims to demonstrate the importance of the governance system in developing family businesses, supporting their stability and sustainability, and emphasizing the role of governance as a key factor in reducing corruption rates, increasing corporate efficiency, enhancing control and transparency, reducing costs and growing profits, which enhances the sustainability of family businesses and increases their competitiveness in international markets.
In 2006, the Council of Saudi Chambers established the National Center for Family Enterprises, and in confirmation of the Center's role in raising awareness and increasing knowledge of issues related to family enterprises, the Center organized the important forum that will highlight one of the most important issues «Governance and Anti-Corruption» as «Governance» plays a key role in developing production and preventing corruption and leads to business prosperity and the development of gains.
On a related note, the «Family Business Governance Forum 2014» which will be held in Jeddah during the period 25-26 Rajab next week, special consultation sessions with the leaders of Saudi family companies, with the participation of a number of international experts in the field of family business governance.
The head of the scientific committee of the forum, Faten Abdulbadee Al-Yafi, revealed that the forum will witness for the first time at the level of the Kingdom, the holding of sessions during which a special vision is developed for the leaders of family companies, which can be a new path, or complement the company's course of action, stressing that these sessions will achieve the objectives of the forum in exploring best practices in family companies and dealing with other complex issues such as balancing between traditional principles and innovative concepts for survival, and at the same time passing them on to the next generation.
It is noteworthy that estimates in 2012 indicate that the volume of investments of family businesses in the local market amounted to more than 350 billion riyals, equivalent to 12.The results of an international survey conducted by PwC, a professional services company specialized in family businesses, showed that 80% of companies in the Middle East are owned or managed by family companies, and that 5 to 8% of family businesses succeed in surviving beyond the third generation, and these companies face many challenges in light of regional and international economic changes.
Family businesses in the Middle East face many challenges in light of regional and international economic changes.
