DIFC Week will host tomorrow its first Arab families’ Summit, jointly organised by DIFC and Tharawat Family Business Forum. The DIFC Summit will be dedicated to debating the specific issues and opportunities for the wealth and businesses owned by leading Arab families. The Summit will be attended by 75 family members and their representatives, and will discuss key issues faced by the families including the impact of the current financial turmoil, how to emerge from it and capitalise on the potential of the region. More than 80 percent of all businesses in the Middle East are family-run or family-owned and around US$1 trillion in family-owned assets is expected to be handed down to the next generation within the next 5-10 years.
H.E. Dr. Omar Bin Sulaiman, Governor of DIFC said: “Family businesses play a highly significant role in the regional economy and that is why we are holding this Summit to address the specific challenges and opportunities which they face at this time. DIFC will provide regional family businesses the chance to work together to build alliances that would create unlimited opportunities in the face of the current crisis.”
Dr. Hischam El Agamy, Executive Director, Tharawat Family Business Forum, the joint organiser of the Summit commented: “The current situation requires Arab families to develop new ways of conducting business. Family businesses can adapt well due to their strength in the region and their values. By bringing together influential leaders of Arab families and their businesses to share their perspectives and experience, we will together produce new opportunities for regional alliances that will lead to significant future business and investment opportunities, particularly as we emerge from the financial crisis.”
Other themes for discussion tomorrow at the DIFC Summit will be the global and regional economic outlook and how the financial crisis will impact family businesses, mastering growth in the current business climate and guiding family businesses through the global downturn. There will also be a session dedicated to developing potential scenarios for the future and new ways of doing business including cross-border acquisitions and alliances.
In the GCC, family businesses – where family members influence the direction of the organization through the exercise of ownership rights or management roles - account for over 90 percent of all commercial activities. In the Middle East, it is estimated that over 80 percent of all businesses are family-run or family-owned. Dubai alone is a hub for more than 30,000 family businesses.
Amongst the VIPs that attend tomorrow’s event will be;
• His Excellency Dr. Omar Bin Sulaiman
• His Royal Highness Prince Mohamed Al Faisal
• His Excellency Abdulaziz Al Ghurair
• Mr. Essa Al Ghurair
• Mr. Khalid Kanoo
• Mr. Khalid Al Zamil
• Mr. Salah Al Wazzan
• Mr. Hussein Jawad
• Mr. Essa Al Serkal
The DIFC Summit, sponsored by Deutsche Bank and Abraaj Capital, provided a platform for the mutual exchange of knowledge and insights on management, growth, continuity, strategy and other business-related topics.
DIFC week is proud to be sponsored by Deutsche Bank, Abraaj Capital, Goldman Sachs and Itau Securities. In addition, the DIFC Week Conference is sponsored by Alvarez & Marsal, Conyers, Dill & Pearman, Emirates NBD, Grant Thornton, HAYS, ICT, Kershaw Leonard, Latham Watkins, M Communications and Norton Rose. DIFC Week family summit is run in association with Tharawat Family Business Forum.
DIFC Week is also grateful for the active support and involvement of it’s media partners which are; AME Info, Arabian Business, CNBC, Dow Jones, Dubai Eye, Financial News, The Times, The Wall Street Journal and Zawya.
About DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. Since November 2004, over 650 firms have registered at DIFC. They operate in an open environment complemented with world-class regulations and standards. DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition, their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. In March 2008, the City of London’s Global Financial Centres Index (GFCI) ranked Dubai as the region’s fastest growing financial hub. For more information please visit www.difc.ae.
About Tharawat Family Business Forum:
The Tharawat Family Business Forum is a network of family-owned enterprises in the Arab World. The organisation provides a platform for the exchange of ideas and experiences on business and management issues related to family businesses in the Arab world. Tharawat’s vision is to become the first-choice networking and mutual-assistance forum for family businesses in the Arab world. Through its network of members, Tharawat aims to encourage collaboration and alliances among family-owned and controlled firms in the region. It provides its members specialised education and helps them leverage business opportunities in the region and beyond. The forum seeks to bring a new focus on the business, social and cultural challenges facing family firms in the region. It promotes and sponsors research that helps advance the sustainable development of family businesses. It also works to raise public awareness of new developments within the family business sector. The Tharawat Family Business Forum has a governance structure designed to guarantee the transparency of its activities and its receptivity to high-quality inputs from both members and external experts. The members of Tharawat constitute an innovative and committed community of family-owned businesses, working together to improve collaboration, business growth, and prosperity. For more information please visit (http://www.tharawat.org )
About Deutsche Bank:
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank’s commitment in the MENA region is more than a century old, beginning with the Bank’s financing of the construction of the Baghdad railway. Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE’s Capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office inaugurated in 2001 and a branch at the Dubai International Financial Centre (DIFC) in 2005. In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. In November of 2007, Deutsche Bank opened its branch in the Qatar Financial Centre in Doha. Deutsche Bank AG in the MENA region offers the full range of investment banking, asset management; private wealth management; and global transaction banking services. Deutsche Bank AG is well recognized for its leading role on some of the most prestigious regional transactions. The Bank is the recipient of several regional and international awards in recognition for its achievements in investment banking and Islamic finance in the region.
About Abraaj Capital:
Dubai-based Abraaj Capital is the largest private equity company in the Middle East and North Africa with more than US$ 7.5 billion of assets under management. Established in 2002, the company has led the way in developing the private equity industry in the region. Abraaj Capital Ltd. is licensed by the Dubai Financial Services Authority, which operates according to international regulatory standards. The company’s more than 165 ‘best in class’ employees are drawn from the global talent pool, and span more than two dozen nationalities. Abraaj Capital invests in the growing Middle East, North Africa and South Asia (MENASA) region and has executed some of its landmark deals. These include the US$ 1.41 billion purchase in 2007 of Egyptian Fertilizers Company, the largest leveraged buy-out in MENA. Abraaj Capital has won several industry awards, including ‘Middle Eastern Private Equity Firm of the Year’ from Private Equity International (2005, 2006 & 2007). On average, Internal Rates of Return exceed 50 percent.
