The Pearl Initiative, ‘a business-led non-profit organisation that promotes corporate accountability in the Gulf region’s private sector and The Business Family House, a pioneer in the support and development of family businesses in the GCC, are pleased to announce the signing of a Memorandum of Understanding (MoU) on May 5th, 2023. The agreement was signed by Yamama Al-Oraibi, Chief Executive Officer of the Pearl Initiative, and Dr Hanoof Abokhodair, Managing Partner of The Business Family House, at a signing ceremony in the Sharjah Research Technology and Innovation Park.
Yamama Al-Oraibi, CEO of the Pearl Initiative, said, “The GCC region is in an incredible moment of growth and opportunity. It is imperative for family businesses to seize this moment and leverage this momentum. The long-term sustainability of family businesses is crucial in driving the growth and diversification of the region’s economies. This collaboration between the Pearl Initiative and The Business Family House works to strengthen the family business ecosystem and provides family businesses with a platform to network, share and learn. This partnership highlights our commitment to fostering collaboration and sharing best practices for the betterment of the entire region.”
The MoU represents a significant milestone in the partnership between the two organisations, aiming to address the unique challenges and opportunities faced by family businesses in the GCC region. With family businesses accounting for around 60% of the GDP 80% of the total workforce in the Gulf region (Academy of Strategic Management Journal), the partnership will seek to foster greater corporate governance and raise awareness of the issues relating to family businesses in the GCC through joint research, training, and information sharing.
Dr Hanoof Abokhodair said the partnership has come at an ideal time to support promising economic development. She remarked, “We are excited about the potential of our partnership with Pearl Initiative to advance the shared goal of promoting good governance in family businesses. We look forward to implementing many initiatives that leverage our respective strengths to make a meaningful contribution towards the sustainability of family businesses in our region.”
Both the Pearl Initiative and The Business Family House are committed to working together to positively impact on the family business ecosystem in the GCC region, fostering long-term sustainability and growth.