World Economy

(P)GCC Family Firms Worth $850b

(P)GCC  Family Firms Worth $850b(P)GCC  Family Firms Worth $850b

During the working paper presented by Ahmed bin Saleh al-Marhoon, Director General of Muscat Securities Market at the Arab Initial Public Offering Summit, which was held at Dubai, United Arab Emirates, he said that the size of investment at the (P)GCC family companies worth of about $850 billion, comprising about 70% of the volume of the (P)GCC states’ economies, CPI Financial reported. Al-Marhoon affirmed that the family companies have played an important role in maintaining the growth of the (P)GCC national economies as they managed to cope and interact with the changes that faced them, especially those related to passing ownership from the founding generation to the next generations and the structural changes in management or ownership model. He added that the wealth and investments of the family companies are worth of about $2 trillion and employ about 15 million national and expatriate workers; almost more than 80% of the manpower in these economies.