Family businesses are major contributors to the global economy, creating an estimated 70-90% of global GDP

Ayman M. Tamer, Chairman and Managing Partner of Tamer Group talks about family business and the group.

He says, “Family businesses here are like family businesses anywhere else. I have joined the World Economic Forum’s Family Business Community. I have been fortunate to spend time with other family business owners from other parts of the world. Basically we all face the same issues, responsibilities and challenges. A family business should cover human resource development, corporate social responsibility, managing the wealth and assets of the family, managing the operations efficiently and finally succession planning, which is the biggest challenge.

Accordingly to the World Economic Forum, Family businesses are major contributors to the global economy, creating an estimated 70-90% of global GDP. As such, the family business sector’s ability to grow and thrive is vital to the long-term health of the global economy.

By 2025, 7,000 new companies of significant size will have been created. 80% of these will in emerging markets, to include India, Brazil, China, Saudi Arabia etc, and 80% of those will be family businesses.”