HSBC forum addresses key challenges facing MENA family businesses
HSBC clients of leading family business owners in the UAE and other GCC countries gathered at the Family Enterprise Forum organized recently by HSBC Private Bank in Dubai to discuss some key challenges facing family businesses in the region.
The increasing importance of succession planning as a means to avoid the third generational trap, wealth planning through effective investments and how can wealth benefit the wider community were among the key themes covered during the forum.
When it comes to philanthropy, the value of giving back to community is engraved in the culture and tradition of the people in the Middle East. According to a recent global study by HSBC Private Bank titled Essence of Enterprise, three in 10 (29 percent) Middle Eastern entrepreneurs in their 20s (vs 20 percent globally) are motivated to set up their business in part by the desire to have a positive impact on their community.
In his welcoming notes at the forum, Abdulfattah Sharaf, group general manager, chief executive officer UAE, and head of international, HSBC Bank Middle East Limited, said: “Private wealth has been growing steadily across the UAE and the region over the last few years. As our wealth grows, so does the importance of giving back to our community. HSBC understands the potential of each and every person to influence change and contribute to a better world, both professionally and personally. HSBC recently committed $150 million to be given to charities across the world to mark our 150-year anniversary.”
He added: “I am personally very proud of the strong history of giving in my organization — and the event today has been designed to share our expertise to ensure philanthropy is a strong part of our clients wealth planning journey.”
The Family Enterprise Forum is one of HSBC Private Bank’s flagship events hosted around the world for multigenerational family businesses, designed to provide the latest thinking around wealth planning and investments from industry specialists.
Sobhi Tabbara, HSBC’s global market head of private banking, Middle East said: “We are delighted to have this opportunity to bring together our valued clients along with HSBC Private Bank’s experts to provide insight and guidance supporting them through the complexities of multi-generation transition.”