The MENA Family Business Survey Sentiment Report highlights the challenges and priorities of family business leaders across the MENA region. The survey takes a snapshot of key areas of concern to multi-generational family firms from Algeria, Bahrain, the UAE, Egypt, Jordan, KSA, Kuwait, Lebanon, Morocco, Oman, Qatar, Sudan, Tunisia and Yemen. With the oldest participating family firm founded in 1865 the survey gives a rare insight into the mindset and outlook of the regions driving private companies.
As the private sector is moving from emergency response to recovery mode, the majority (51%) of survey respondents believe it will be another 18 months until economic activity reaches 2019 levels. Just 20% believe that we will return to pre-COVID economic levels by Q1 of 2021. Family Businesses will be key drivers for the future growth of the region.
For the study, the Tharawat Family Business Forum surveyed 100 owners of regional family businesses, who represented 2nd generation or older family firms from a variety of sectors and industries.
- 51% of MENA family businesses believe it will be another 18 months until economic activity reaches 2019 levels.
- More than a third of surveyed companies believe that the most significant impact of the COVID–19 pandemic was the increase in the speed of digitalisation.
- The most significant concern for family business owners is cash flow; 56% of owners consider this the biggest risk they are currently facing.
- 49% of respondents feel satisfied with how their boards of directors responded to the crisis.
- More than half of the respondents (54%) agree that the pandemic has not affected their succession plan.
- The sentiment of MENA family business leaders confirms the global perspective on digitalisation: 86% of respondents agree that the pandemic has accelerated their digital transformation.
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Author:
- Tharawat Family Business Forum