MANAMA: The old family businesses in the Gulf are part and parcel of the global $500 billion estimated family businesses and need to adopt the dynamics of a rapidly changing business world, a leading Arab businessman has said. “Family businesses are the most vibrant and sustainable businesses in the world and with changing dynamics in global trade, this segment needs to adopt modern approaches,” said Khalid Mohammed Kanoo, president of the Family Business Association of Bahrain.

He was speaking here at the two-day Arab-German Family Business Summit that brought together over 200 Arab and German businesses, experts and academicians.

The summit offered “a unique opportunity to share the latest international thinking on family business management,” Kanoo added.

“Interest in the region from German family-owned companies is growing, with many German companies using Bahrain as a base to develop their business and their contacts. We are extremely pleased to see nearly 100 owners of leading German family-run companies joining around 100 Arab family businesses and 40 international business academics to explore how our common business interests can develop and grow.”

Saudi businessmen attending included Khalid Al-Zamil, Khalid Juffali, Khalid S. Olayan, Abdullah A. Al-Majdouie, Sultan Khalid Al-Turki, Ibrahim Mohammed Abdulla Aljomaih and Sheikh Mohammed H. Abudawood.

The summit focused on how to address the challenges that confront family businesses in the current era of profound structural change in the global economy.

Discussions and workshops and roundtables were led by business leaders from the Middle East and Germany, as well as academics from institutions including Harvard Business School, Princeton University, The Wharton School, Yale University, Cairo University and Witten/Herdecke University, which is host to IIFE.