PWC – Nextgen Survey, 2024

Family businesses in the Middle East, particularly in the GCC region, play a significant role in the local economy and job market. As many of these businesses are set to transition to the NextGen – the next generation of family business leaders – there is a critical need for effective succession planning and governance. This transition coincides with the rapid advancements in GenAI technology, which presents both opportunities and risks for family businesses. Trust is key to the success of these businesses, especially in the era of GenAI. NextGens have a unique responsibility to lead their businesses into the future by embracing emerging technologies and maintaining growth while preserving family wealth and harmony. Collaboration among generations within family businesses is essential to navigating the challenges posed by GenAI and ensuring continued success for businesses and economies in the region.