Delegates representing family businesses from around the Kingdom participated in the Third Annual Family Business Conference organized by Zamil Group in Riyadh recently to discuss corporate endowment and social responsibility.

Zamil Group organized this event under its CSR initiative amid increased concern of company owners and stakeholders toward taking a more positive and proactive role with the community where it is conducting business. Many families were represented as well as senior members from Al Zamil family and Zamil Third Generation.

The majority of the 1,500 family businesses operating successfully in Saudi Arabia can go public with their assets exceeding an estimated value of $ 100 billion.

Family businesses are confronted with severe challenges that may risk their existence. Research shows that companies cease to exist past their founder or the second generation because of the conflicts that arise between siblings. This is further aggravated by economic globalization and the ever increasing clout of giant multinational companies that bring competition between big conglomerates and nations eventually.

"The inherent quality and value of Al Waqf and endowment become more appreciated in our society as it calls for the preservation of assets and properties, hence, safeguarding the future of family businesses and enhancing their position," Mohammed Ahmed Al-Zamil, a family counsel on Al Waqf for Saudi familiy businesses, said. He stressed its importance vis-a-vis strengthening the position of family businesses in this region and their contribution to society.

Ibrahim Mohammed Badawood, executive director of community initiatives at Abdul Latif Jameel (ALJ), reviewed the Bab Rizq Jameel launched as early as 2003 and the positive impact on the community.