Fatima Muhammad Saudi Gazette JEDDAH – A group of businessmen will share their experiences in family businesses at a seminar on "the future of turning family companies into sharing (public) companies." The event, to be held at Jeddah Chamber of Commerce and Industry (JCCI), will be inaugurated by Saleh Kamel, Chairman of the Council of Saudi Chambers of Commerce and Chairman of JCCI, on July 23. Over 14 specialists in economy and finance will join the seminar. Mazin Batarji, Deputy Chairman of JCCI, said the seminar will shed light on challenges that family companies will face in shifting their companies to sharing companies aside from the opportunities in the market that are available for such businesses. Saleh Al-Surai, a member of the strategic commercial committee at JCCI, said that 98 percent of companies in the GCC are family-owned companies. The contribution of the second generation of families in these businesses is 33 percent while the third generation's contribution is only 15 percent. The death of founders of family companies result in business collapse or shrinkage in terms of success, said Al-Surai. "The best move is to turn companies into sharing companies to overcome any challenges or family conflicts that can result in ruining the business, and badly affect employees," he added.
