Real estate related economic and financial news covering the MENA region.
GCC firms 98% family owned
Aug 07, 2012
According to a study by the Jeddah Chamber of Commerce and Industry, around 98% of the companies operating in Gulf countries are held by families and this means they could disappear by time unless they are turned into joint stock ventures, Emirates 24-7 has reported. Almost 33% of those firms is controlled by the second generation of the family, while 15% is held by the third generation and 4% by the fourth generation. ôThis means that in case of the death of its founder, the company could either collapse, fail or have poor performance,ö said the author of the report, Saleh al Sarei.