The latest research into the family business sector in the MENA region has identified a need for areas to be prioritised, such as succession and generational transition and dealing with the complexities of operating in the global marketplace.
Governance and strategy remain high on the list and family firms across the region need to stand up, take note, and implement actions if the desires of the current generation are to be fulfilled, and the true value of the business realised.
Family businesses in Mena region are facing rapidly challenges to development, to overcome which they need to identify their priority areas and proactively institutionalize, said management consultancy Strategy& in a recent study. Mena family businesses are currently facing three main challenges to sustainable business growth: 1) problems with transitioning from generation to generation, 2) increasingly challenging business environments and 3) more complexity in existing business models.
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