The leading international financial center, Jersey Finance, continued to strengthen its regional presence by organizing two prominent events this week, starting with the “Control of Family Business Succession” event in Bahrain on October 13, in addition to holding the “The Role of the Next Generation in Family Enterprises” event in Dammam on October 15.
Jersey Finance organized a roundtable in cooperation with STEP Arabia in Manama, which brought together an elite group of decision-makers and financial leaders to discuss the legal, operational, governance, financial, tax and investment aspects related to family businesses in the context of management succession planning, with a focus on the importance of maintaining and continuing family control.
In this context, Faisal Bhana, Director of the Middle East, Africa and India Region at Jersey Finance, said: “The Bahrain Roundtable emphasized the increasing importance that families in the Gulf countries attach to the issue of structuring control and governance mechanisms within succession plans. The issues related to taxation, professional versus family management, and the governance of successive generations, are complex in nature, but through an exchange Regional and international expertise contributes to enabling families to adopt solutions that maintain stability and integrity across generations.”
Jersey Finance brought together a group of members of second and third generation Dammam business families, wealth managers, and financial advisors, to discuss the growing role of the next generation in shaping the future of family enterprises.
The event included keynote speeches and dialogue sessions that addressed succession planning, governance, and achieving a balance between tradition and innovation, in addition to professional networking sessions that brought together the next generation with experts in the fields of investment, law, and finance.
During the event, Bhana added: “We are at a pivotal moment, as the next generation not only inherits the family legacy, but also actively contributes to reshaping it. These events highlighted how the new generation is leading strategic thinking, innovative investments, and modern governance models that ensure the sustainability of family enterprises for many decades. Our discussions showed that linking the visions of generations represents the key to sustainable growth. The next generation in the Kingdom and the Gulf seeks to combine innovation and global openness while preserving the values and traditions that distinguish the family’s identity.”
These events come at a time of increasing regional interest in family offices and intergenerational leadership transfers. Recent industry reports indicate that family offices in the GCC are moving towards global corporate governance and investment strategies, with the new generation assuming a greater role in wealth management.
It is noteworthy that these two events come in the context of increasing regional interest in private family offices and leadership transfers between generations, in light of an increasing effort to consolidate the sustainability of family governance. Recent specialized reports indicate that family offices in the Gulf Cooperation Council countries are witnessing a noticeable shift towards adopting institutional governance structures and global investment strategies, with the increasing role of the new generation in leading and managing family wealth and enhancing its continuity across generations. According to a report by Campden Wealth and HSBC Global Private Banking, integration between family offices and early-stage startups is poised to expand in the region. The report indicated that 58% of family groups in the Middle East and North Africa region are active in the field of venture capital, preferring investments in the early stages such as angel and seed financing by 50%, in addition to investment opportunities in the growth stages by 50%.
In the Kingdom of Saudi Arabia, family businesses remain a fundamental pillar of the private sector, and their development and sustainability are a pivotal element in achieving the goals of Saudi Vision 2030 aimed at diversifying the economy and promoting sustainable development.
