19 Hrs
Source:
البلاد
Importance of backing family firms
The article emphasizes the importance of supporting and developing family businesses in Bahrain, recognizing them as a vital pillar of the local economy. These companies play a significant role in creating job opportunities and fostering innovation. Key points include the necessity of supporting these businesses by promoting principles of transparency, disclosure, governance, and establishing a "Family Business Charter" to organize the relationships within the family and the management of the company. It also underscores the importance of a proper succession process between generations and the utilization of expertise from outside the family. Additionally, it advocates for listing family businesses on stock exchanges under specific standards to enhance institutionalization and innovation. The goal is to ensure the sustainability of family businesses and achieve economic development, with a focus on governance and transparency principles as guarantees for their success and continuity.
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