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Dubai: Family-owned businesses are often recognised as prominent participants in not only the GCC, but also in the wider global economy. But how did they come about playing an influential role, operate in the UAE and what makes them different from conventional businesses structures?
What is a family business? A family business is any business in which two or more members of the same family are involved and most of the ownership or control lies within such a family.
Family businesses, and their role in the Gulf
Family businesses have a long history in the Gulf and are considered key to nearly every economy in the region, with research showing that they account for a large chunk of the GCC’s non-oil gross domestic product growth.