A collaborative research project between New York University Abu Dhabi and Tharawat Family Business Forum
In this article, Khalifa AlGaz, 3rd generation family business member shares the entrepreneurial journey of his grandfather, Mohammed Abdallah AlGaz. This story is an example for how family business leaders are generational thinkers and not only shape their companies, but also contribute to economic growth and in unique cases even to nation building.
Concentrated in sectors that generate liquidity, particularly distribution and the food industry, Moroccan family businesses display a remarkable resilience to market fluctuations, allowing them to survive over generations. With Dari, Dr. Habba and Dr. Allioui present a case study of one such family legacy.
Historically, family businesses in the UAE have taken advantage of opportunities in the growing market and ventured into sectors that played an essential role in developing the economy. Since joining Grant Thornton in 1999, Hisham Farouk has seen UAE family businesses’ contribution to the region’s workforce and economy.
Family enterprises dominate economic development around the world. Dr. Dennis T. Jaffe found that factors that differentiate families that own legacy businesses, as well as those that have shared assets and investments organised in family offices — can be defined in two fundamental ways.
Family businesses carry their history with them and it impacts their present and future decision-making. According to Dr. Andrea Schneider-Braunberger many family businesses have learned how to leverage the power of their narratives. And yet, there exists the expectation of historical authenticity, which – if undermined – can lead to devastating consequences, most notably reputational damage.