Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
April 10, 2023
Research carried out into family businesses in the GCC by global consulting firm Deloitte earlier this year found that most anticipated notable growth in the years to come. This runs contrary to overall predictions in developed nations across the globe, where businesses are bracing themselves for a challenging period.
We maintain a level of optimism in the GCC owing to our increasingly diversified economies, meticulous planning and strategic spending by governments, as well as rising oil prices.
Despite unexpected shifts in global economic conditions, our governments’ efforts and citizens’ resilience have given our nations a series of strengths and opportunities to expand upon, and we must not take these for granted.
Entrepreneurship is woven deep into the fabric of Arab heritage, and family businesses in the GCC have been instrumental in driving business in our nations, from forming synergistic partnerships with global players to creating home-grown names that have supported national economies by enhancing trade and employment.
What gives family businesses an edge over corporations is their ownership structure, which places a greater emphasis on the long term.
Family-owned businesses are estimated to employ 80 per cent of the GCC workforce. Sarah Dea / The National
According to What you can learn from family business, an article published by the Harvard Business Review, family owned businesses do significantly better during economic slumps than publicly owned companies of a similar size. They also boast better long-term performances even though they may seem to lag slightly behind their public counterparts during periods of economic growth.
These findings are very interesting and offer a great deal of hope to GCC countries. Therefore, I call upon all family business owners across the region to take this opportunity to highlight their economic contributions and engage with other stakeholders to maximise their potential and help drive their nations towards increased stability and growth.
There is definitely room for governments to collaborate with large-scale family businesses, and perhaps encourage them to form strategic partnerships with smaller companies in the local community, including young and aspiring entrepreneurs. Our region is home to myriad young, bright and innovative minds who could use mentorship and engagement to help realise their visions and spur growth within their sectors.
Family-owned businesses are estimated to employ 80 per cent of the GCC workforce, according to research published by the Academy of Strategic Management in 2020. Given the fast-evolving hiring trends and a shift towards increased digitisation of business, as well as an increase in remote and hybrid roles, I believe that family businesses are well placed to empower and benefit from a richer and wider talent pool than we have seen before.
Family businesses in the region are positioned to create opportunities for a broader range of job seekers like never before.
By introducing more part-time, hybrid and remote options, these businesses can create employment opportunities that address the economic inclusion of people who were confronted with challenges regarding job accessibility in the past – for example, part-time students, women with caregiving responsibilities that require them to stay home as well as disabled people whose needs are best accommodated by them not having to travel to work.
Diverse talent undoubtedly adds great value to any organisation, and family businesses in the region are positioned to create opportunities for a broader range of job seekers like never before.
Furthermore, increased digitisation and streamlining of business processes can lead to more efficiency and boost revenue.
With developed countries across the globe facing a series of economic setbacks, more and more foreign investors are looking towards the Gulf for better returns. We must strike while the iron is hot – family businesses in the region that have been key players in building the business landscape in their respective countries are uniquely positioned to form strategic partnerships with foreign investors who have a keen interest in the region but who would find great benefit in collaborating with seasoned business leaders who know the ropes.
Our region has come a long way and this is no small feat – we must be conscious of our greatest strengths, namely our wise leadership, our citizens and the businesses that have contributed towards the building of our societies and continue to drive socio-economic change. Given current global economic trends, it is imperative that we hone in on our strengths and encourage collaboration and engagement geared towards growth and results for all involved.
Local and family entrepreneurship has been a key driver of growth and has helped our region to diversify interests and maintain economic stability even amid unfavourable global conditions. There is still a long way to go and many untapped opportunities. However, if all parties keep their eyes on the prize and maintain a collaborative mindset, I am sure our region will be successful in paving the way to a more secure and prosperous future for the coming generations.
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures May 9, v Malaysia May 10, v Qatar May 13, v Malaysia May 15, v Qatar May 18 and 19, semi-finals May 20, final
Most wanted allegations
Benjamin Macann, 32: involvement in cocaine smuggling gang.
Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
John James Jones, 31: allegedly stabbed two people causing serious injuries.
Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
Dean Garforth, 29: part of a crime gang that sold drugs and guns.
Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Tips for job-seekers
Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
