Family businesses play pivotal role in Qatar’s growth, say officials

Family businesses create 65% of job opportunities in the Gulf Cooperation Council (GCC) and hence efficient solutions have become imperative for them to overcome the challenges to ensure continuity and stability in the economies, according to a top official of Qatar Industrial Manufacturing Company (QIMC).
“A family business plays a core role in developing a country’s economic sector. 65% of the job opportunities in the GCC are created by family businesses. It is important that we contribute to finding efficient solutions for the challenges that a family business may face to ensure its continuity and stability,” QIMC chief executive Abdul Rahman Abdulla al-Ansari told a workshop organised by the Center for Entrepreneurship (CFE) at Qatar University (QU) and College of Business and Economics (CBE).
The workshop, which was aimed at highlighting the importance of family business in Qatar and the GCC as well as providing guidance on how to establish a long-term and successful family business, was attended by QU president Dr Hassan al-Derham, Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani, CBE Dean Dr Khalid Shams al-Abdulqader and CFE director Dr Mahmoud Abdellatif as well as CBE faculty and students.
“In Qatar, family businesses contribute to increasing the GDP (gross domestic product) despite the various challenges they face,” according to Sheikh Khalifa. Al-Derham highlighted that private sector plays a pivotal role in the realisation of economic diversification and sustainability in line with Qatar National Vision 2030.
Observing that the contribution of the private sector in the country’s GDP has increased in the recent years to 50%; he said “it is very important to maintain the involvement of the private sector in the GDP and to help family businesses overcome the various challenges, which will contribute to the country’s economic development and growth.”
The programme featured two panel discussions on “Sustainability of Family Business” and “Listing Family Businesses in Qatar Stock Exchange (QSE)” moderated by Abdellatif and Dr Mohamed Elgammal, assistant professor of Finance in CBE. Other panellists included Walid S Chiniara, partner at Deloitte private family enterprise consulting; Roger Phillips, legal director for Pinsent Masons – Qatar Financial Center branch; Abdulaziz al-Emadi, director of listing at QSE.
“This workshop aims to raise awareness on the importance of a family business by shedding light on successful family business models in Qatar. It also contributes to heighten the student’s abilities and capabilities, and to advance research that serves the socio-economic sector in Qatar,” Abdellatif said.
As Qatar’s national higher education university, QU is committed to support the country’s efforts to achieve sustainable development by maximising its role in community service and by providing research solutions for issues that are of the interest of the society, al-Derham said.
The university is also committed to supporting and encouraging entrepreneurial business and activities that contribute to the development of the private sector in Qatar, he added.