59% of ME family businesses expect growth in 2021: PwC
DUBAI, 3 hours, 58 minutes
ago
Fifty-nine percent of the family businesses in the Middle East expect revenue growth in 2021 compared with 64% globally – although they are more optimistic about 2022, with 89% expecting growth, professional services group PwC said in a new report.
The PwC Middle East’s latest Family Business survey findings reveal that before the outbreak, 59% of family businesses were expecting to grow in 2020. But as a direct result of Covid-19, 56% are now experiencing a reduction in sales, compared with 46% globally.
Diversification on the agenda
It’s clear that family businesses, particularly those in the Middle East, see diversification as the key to success in the coming years. As part of this diversification strategy, 58% of Middle East family businesses are planning to expand into new markets or client segments, 47% are looking at introducing new products and services and 30% are pursuing strategic acquisitions or mergers – all this funded by bank lending, cash flow and family capital.