Arab family business on the brink of change

Families have always dominated the economies of the Gulf, controlling huge amounts of wealth and influence but traditionally unwilling to open up their capital – and their books – to the outside world. That model is gradually starting to change, says Alex Warren.

Keeping it in the family

THE FAMILY BUSINESS is one of the great Middle Eastern stereotypes. A sprawling empire impenetrable to any outsider; an ageing patriarch who consistently pops up on the Forbes rich list; a multitude of children vying for control of company assets; and, of course, a cosy relationship with politics.

Such is often the outside perception of the family-owned business groups that wield such influence in economic and political life in the Arab world, and nowhere more so than in the oil-rich states of the Gulf such as Bahrain, the UAE, Qatar, Kuwait and Saudi Arabia.

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