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Family Businesses in the Gulf Cooperation Council preparing for Post-Pandemic Growth

GCC Family Business Techniques in Post Pandemic Period

Family Businesses in the Gulf Cooperation Council preparing for Post-Pandemic Growth

  

The GCC or Gulf Cooperation Council is the economic and political alliance of 6 countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, the economies of which were shocked by the advent of the COVID-19 pandemic during the aftermath of lower oil prices. Family businesses in the GCC were already in dire financial straits as they were dealing with high leverage, lower profits, and restricted liquidity. Thus, combination of the two economic hits has severely stressed all 6 country’s economies.

Fortunately for most of these businesses, they have taken action and implemented measures to help counteract the economic crisis with new company formation in Saudi Arabia and new company formation in UAE. However, these family businesses are now faced with adapting to a dramatically different post-pandemic landscape. Most of them are retaining the existing staff that is important for long term success of the business apart from coordinating actions with suppliers and main clients to enhance business continuity. It is our belief that these businesses must adopt the following 4 strategies in order to attain a better position over the long term:


  

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