Case studies highlighting different succession plans and strategies that are currently implemented throughout family businesses and multinational organizations in the GCC region, will be discussed today (Monday) during the inaugural conference “Succession Planning 2013”. Organized by Abu Dhabi University Knowledge Group at Dusit Thani Dubai Hotel, the two-day forum brings together Senior C-level Suite Representatives, HR professionals and talent management experts from the public and private sector to discuss the importance of implementing succession planning strategies to ensure business continuity and reduce corporate risks.
Dr. Ahmed Badr, CEO of Abu Dhabi University’s Knowledge Group explained that although there are various events that focus on talent development, management and retention strategies, that this is the first conference to highlight the importance of succession planning within organizations and preparing the business for transition into the hands of the next generation. “The conference also delivers information on the importance of succession planning for business continuity, and despite the importance, there are many corporations and companies throughout the Gulf region that don’t have a clear succession plan in place”, said Dr. Badr.
Dr. Bader pointed out that according to a study by "PwC", 80% of companies and businesses in the Middle East are run by family firms, most of which were established almost 60 years ago, which means that they are about to go through a generational change within the next 5 to 10 years. “However nearly half of those firms and organizations, still don’t have a succession plan in place to implement, hence the importance of organizing this conference which brings together experts and leading practitioners to tackle the challenges organizations might face while developing and executing succession planning strategies, as well as discuss how to manage structural and cultural changes while implementing these plans”, concluded Dr. Badr.
On his part, Mishal Kanoo Deputy Chairman of The Kanoo Group said: “Many people on the outside have the impression that family businesses are a thing of the past and that they can’t compete with corporations. Recent studies done by universities such as Harvard have proved the opposite; that they can match and even outperform them—as long as they have the right governance structure, the right succession planning and the right people in place to run them”.
Commenting on the importance of succession planning, Yahya Al Marzouqi Senior Advisor to the CEO’s Office at Borouge said: “Succession planning has two folds to it. One fold is business continuity and the other one is business excellence. Business continuity is the survival of the business on a day to day basis. Business excellence is always trying to retain your competitive edge, and being at the top of your game through excellent leadership skills. I am delighted to be involved in this inaugural event that will endeavor to encourage organizations on the vital importance of having effective succession plans in place”.
The two-day forum is organized in collaboration with AIM Events, the conference and events division of ADUKG, and will present case studies from family businesses, multi-national corporations and government organizations like: “Dubai Holding”, “Borouge”, “Al Futtaim”, “PwC”, “The Kanoo Group”, “Saudi German Hospital”, and many others. The forum is also held in partnership with The Human Resources Forum, who will be hosting a networking event on Monday evening at 6pm with their members and participants of the “Succession Planning 2013”.