meed-logo

line1 line2 line3
SIGN IN / REGISTER

How family businesses can create a meaningful future

30 September 2022

Family businesses have been at the forefront of change in the UAE for generations, thanks to their commitment to the vision outlined by the nation’s leadership. 

Historically a driving force for advancement, they remain a staple component of the UAE’s commercial ecosystem today: synonymous with trust and recognised for their vital role in driving job creation and economic growth.

The Covid-19 pandemic resulted in some 70 per cent of business leaders in the UAE forming a stronger connection to their purpose, according to a November 2020 KPMG report entitled A different service for a new reality.

In an era of global uncertainty, purpose is the North star, defining why a business exists and guiding family businesses as they move to transform and innovate in order to stay relevant and competitive – both now and in the future. 

Further, consumers, employees and shareholders alike are increasingly paying attention to how companies go about their business: from operating models and treatment of their people to the values they display.

Alignment of corporate and personal purpose is now imperative across all stakeholder groups, and future success for family businesses will depend as much upon being recognised for their social contribution as their commercial leadership.

Aspirational view

For some, this will mean a seismic shift in mindset, which must be borne out of strategic intent. To make this shift, a clear and articulate vision of the future is a valuable, and indeed essential, tool.

If purpose is the North star, providing direction, a vision paints the picture of the future; it is an aspirational view of the destination along the way. For every stakeholder touchpoint, a vision brings alignment, structure and clarity, especially during times of unprecedented change. 

Al-Ghurair Investment has built a 60-year history founded on its pivotal role in the country’s evolution and for making bold moves with a progressive mindset. Today, we embrace that legacy into the core of who we are, and look to our next chapter, launching an all-new vision that incorporates our history and our future: ‘Pioneers in the pursuit of better to enhance life, every day’.

Pioneering passion

The UAE’s ongoing transformation has ushered in a new era of opportunities for family businesses, energising us to always stay one step ahead of the times.

That means embracing change as a constant and being agile in our ability to adapt and respond to market trends and movements. 

Our transformation journey emphasises innovation, driving us to make bold moves that disrupt – thereby consistently raising the benchmark and expanding consumer choice.

From a legacy built upon groundbreaking moments: establishing the first flour mill, the first canola seed crushing plant, the first cement company and being first-to-market with a multi-use mall, we retain our pioneering spirit and have bold intentions to add many more firsts to our future story. 

Future success will depend as much upon being recognised for their social contribution as their commercial leadership

John Iossifidis, Al-Ghurair Investment

Pursuing better for all

To remain at the forefront of development, family businesses need to continuously up their game to become better for customers, employees, shareholders and society.

Customer priorities and behaviours are shifting, and brand loyalties are continuously being tested. In a recent customer intelligence report, four out of five UAE consumers have switched brands at least once in the past year.

There are growing expectations around improving customer experiences. Managing digital touchpoints, customer insights and data analysis are critical. It is encouraging to see family businesses in the region treating digitalisation as a top strategic priority going forward, with cost reduction no longer the primary driving force. 

The focus should be on shaping customer journeys that resolve pain points and build moments that not only satisfy but delight. 

Finally, for every business decision made, family businesses need to keep an eye on the country’s future, investing in sectors that drive local economic development and social advancement for generations to come. 

Through our partnership with the Abdulla al-Ghurair Foundation for Education, we invest in and enable the development of Emirati and Arab youth, building better livelihoods through education. Furthermore, conscious mindfulness towards sustainability is an increasing imperative – focusing on circularity, waste reduction and managing carbon footprints.

Enhancing life, every day

From the beginning, we pledged to enhance life in the community by entering sectors that are core to customer needs, that advance society and make a meaningful contribution. All our efforts are guided towards facilitating the ‘ecosystem of life’ – feeding people, housing people, educating people or bringing communities together. 

Achieving sustainable change is not just about big, symbolic efforts, but the smaller moments, where our daily actions can make a genuine difference. 

We believe family businesses need to build a culture around pursuing ‘being better’ every day, whether through how they serve their customers or how efficiencies are built into internal processes.

We ask ourselves every day at Al-Ghurair: “What can we do better today?” as this is how we can fulfil our larger purpose and vision for the UAE.

In doing so, we seek to collectively lead the business into a new era of growth: becoming more progressive, people-oriented, value-driven and guided by a focus on sustainable excellence – all while creating value for all our stakeholders. 

The Al-Ghurair family is woven into the fabric of the country’s rich heritage and economic growth. I believe there is much to be excited about when I look towards the future of the UAE and our organisation’s role within it.

https://image.digitalinsightresearch.in/uploads/NewsArticle/10032693/main.gif

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • GCC reviews first phase of water interconnection study

    17 August 2026

    The GCC General Secretariat has completed the first phase of a study examining the feasibility of developing water interconnection projects between GCC member states.

    A two-day workshop reviewing the study’s findings concluded on 12 August at the headquarters of the GCC Interconnection Authority (GCCIA) in Dammam, Saudi Arabia.

    The GCC General Secretariat organised the workshop in cooperation with GCCIA, with representatives from relevant authorities and experts in water, infrastructure and water security taking part.

    Participants reviewed the first phase findings, including an assessment of existing water supply infrastructure and the actual water needs of GCC member states. They also discussed the technical requirements and data needed to complete the study.

    The study is intended to identify practical options and feasible solutions for developing a regional water interconnection network. This includes establishing an implementation roadmap.

    The initiative aims to improve the GCC states’ ability to respond to emergencies and crises and support continuity of water supplies.

    First meeting

    The workshop followed a virtual meeting on 22 July between the GCC General Secretariat and Saudi Arabia’s water authorities as part of the study.

    That meeting, which also involved consultancy Artelia, reviewed the study’s methodology and implementation stages. These include assessing existing water systems across GCC states, their resilience and emergency readiness, and developing technical options for bilateral water interconnection projects.

    In Saudi Arabia, the study is focused primarily on the Eastern Province and Riyadh. It is assessing water production and desalination facilities, transmission pipelines, strategic reservoirs, pumping stations and existing and planned projects.

    The study is also examining potential bilateral connections between Saudi Arabia and Bahrain, Kuwait and Qatar, as well as the possibility of a connection with the UAE.

    The 22 July meeting also discussed potential connection points and routes, water flow directions and the possibility of designing interconnection pipelines to operate in both directions.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18802726/main.jpg
    Mark Dowdall
  • Neom’s next phase is crucial to green hydrogen pipeline

    17 August 2026

    Commentary
    Mark Dowdall
    Power & water editor

    The completion of construction at Neom Green Hydrogen comes at an important point for Saudi Arabia’s wider hydrogen ambitions.

    The project has already shown that a large green hydrogen scheme can secure financing by reaching financial close in 2023 with long-term offtake from Air Products.

    With the facility now moving into commissioning ahead of a targeted commercial operations date next year, Neom could soon give lenders and developers real evidence on the performance, costs and risks of a large-scale green hydrogen project.

    That could be important for projects still moving through development. Acwa’s Yanbu Green Hydrogen Hub, for example, is targeting commercial operations in 2030.

    The project has brought in Germany’s EnBW as a co-developer and minority investor and Japan’s Itochu as a co-developer, investor and offtaker. Acwa is targeting production of 2.5 million tonnes a year of green ammonia from the hub.

    Saudi Arabia is also putting more of the framework around the industry in place. In July, the government granted Acwa exclusive rights to export green hydrogen produced in the kingdom along with its derivatives, including green ammonia, methanol and fuels.

    However, partnerships and policy support alone will not remove the commercial questions facing projects. Yanbu still needs to progress through development and secure the financing needed to move into construction.

    Neom’s financing structure and 30-year offtake may be specific to the project, but its operating performance should give future developers and lenders a clearer reference point for assessing production, reliability and costs.

    While Neom will not make the next projects bankable on its own, if it stays on track and performs as expected, it could give lenders a stronger basis for assessing projects that follow. In the long-run, this could be one of its most important contributions.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18800285/main.jpg
    Mark Dowdall
  • Five bid for King Salman Bay construction work

    17 August 2026

     

    Five teams have submitted bids for the contract covering the marine infrastructure works at King Salman Bay on the Red Sea coast, north of Jeddah.

    MEED understands that the bids were submitted on 31 July.

    The bidders include:

    • Deme / Archirodon (Belgium/Netherlands)
    • ⁠Van Oord (Netherlands)
    • ⁠Abdulmohsen Altamimi / NMDC Group (local/UAE)
    • ⁠Urbacon / Negida Contracting  (Qatar/Egypt )
    • ⁠Modern Building Leaders / China Harbour (local/China)

    The scope includes dredging and earthworks, as well as quay wall and edge protection works spanning about 11 kilometres.

    King Salman Bay is expected to be a waterfront development that aims to reshape the city’s northern Red Sea frontage into a mixed-use destination, anchored by public-realm improvements and leisure-led development.

    Saudi gigaproject developer Red Sea Global (RSG) is developing the project.

    The latest development follows RSG’s award of an estimated SR100m ($27m) contract to construct a solid waste management centre at its Red Sea Project. The scope includes four buildings: a materials recycling facility, a transfer station, an administration building and a vehicle maintenance building.

    In October last year, MEED reported that RSG had secured a SR6.5bn ($1.7bn) credit facility to further develop Amaala, its luxury tourism destination on Saudi Arabia’s northwestern Red Sea coast.

    READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDF

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

    Distributed to senior decision-makers in the region and around the world, the August 2026 edition of MEED Business Review includes:

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18800910/main.jpg
    Yasir Iqbal
  • PDO allows more time for Al-Ghubar field project prices

    17 August 2026

     

    Petroleum Development Oman (PDO) has allowed contractors additional time to prepare commercial bids for a project to build a new facility to handle additional oil production from the Al-Ghubar field in the sultanate.

    The Al-Ghubar field is located in the Ghaba Salt Basin at Qarn Alam, within majority state-owned PDO’s Block 6 concession area.

    The Al-Ghubar gas-oil gravity drainage (GOGD) facility will be designed as a sour (hydrogen sulphide) facility and is expected to handle maximum oil production of 1,800 standard cubic metres a day (cm/d), a maximum total water flow rate of 10,421 standard cm/d, and maximum gas lift of 256,934 standard cm/d. Production from the planned Al-Ghubar GOGD facility will be exported to PDO’s main oil line.

    Following receipt of the technical bids for the project in July, PDO granted contractors additional time – until 16 August – to submit commercial bids for the project, MEED recently reported.

    The project operator has now extended the deadline for submitting commercial bids to 1 September, sources told MEED.

    PDO floated the tender for the Al-Ghubar GOGD facility project in March, setting an initial bid submission deadline of 4 May, MEED previously reported.

    PDO later extended the deadlines for submission of technical and commercial bids to 26 July and 7 August, respectively. Contractors submitted technical proposals by the revised deadline, according to sources.

    The following contractors, among others, are understood to be bidding for the project:

    • Archirodon (Greece)
    • Engineering for the Petroleum & Process Industries (Egypt) / Petrojet (Egypt)
    • Jereh (China)
    • Kent (UAE)
    • Larsen & Toubro Energy Hydrocarbon (India)

    The scope of work on the Al-Ghubar GOGD facility project covers the engineering, procurement and construction (EPC) of the following:

    • On-plot scope consists of:
      • Production separator  
      • Test separator  
      • Concentric wash tank
      • Wet oil pump
      • Water bath heater
      • Surge tank
      • Gas injection/gas lift compressor (centrifugal)
      • Utilities (Instrument Air compressors, chemical injection skids, drain system, vent system) 
      • Suction scrubber
      • Air coolers
      • Discharge scrubbers
      • Condensate flash drum
      • Atmospheric pressure knock-out drum 
      • Flare system
      • Gas heater
      • Water disposal pump
      • Oil shipping pump
      • New 132kV substation and plant substation (housing 6.6kV & 415-Volt switchboard)
      • New control room
         
    • Off-plot scope consists of:
      • Off-plot pipeline network (bulk header, test header, gathering infrastructure/ gathering line header, instrument air header, water disposal header)
      • Two remote manifold stations 
      • Tie-in connection to main oil line
      • Tie-in to gas network pipeline

    PDO previously intended to tender the Al-Ghubar GOGD project under its framework structure with selected EPC contractors, but eventually tendered it separately.

    PDO is the operator of the Block 6 hydrocarbons concession in Oman, which is the sultanate’s largest and most prolific concession. Situated onshore and covering an area of 75,119 square kilometres, Block 6 contains 202 oil fields and 43 gas fields, with PDO producing a total of approximately 680,000 barrels a day (b/d) of oil and condensates from those fields.

    The Omani government holds a 60% stake in PDO through Energy Development Oman (EDO). The other shareholders are UK-based Shell (34%), France’s TotalEnergies (4%) and Thailand’s state-owned PTTEP (2%).

    ALSO READ: PDO floats tender for major flare gas monetisation scheme
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18799485/main.jpg
    Indrajit Sen
  • L’imad eyes full takeover of AD Ports Group

    17 August 2026

    Abu Dhabi’s sovereign investor, L’imad Holding, has announced its intention to take full ownership of AD Ports Group by offering to acquire the remaining 24.6% of its publicly listed shares through a voluntary, conditional, all-cash tender offer.

    The bid will be launched via L’imad’s wholly owned unit, Abu Dhabi Developmental Holding Company (ADQ), which already controls 75.42% of AD Ports Group. The offer seeks to acquire 100% of the issued and paid-up share capital and take the port operator private.

    Shareholders would be offered AED6.25 per share in cash. L’imad said the offer provides investors with “an attractive opportunity to realise certain and immediate value”.

    Based on the proposed terms, the transaction values the remaining free float at about AED31.8bn ($8.66bn).

    Rothschild & Co’s local office has been appointed financial adviser.

    Emirates NBD Bank and First Abu Dhabi Bank will act as joint lead receiving banks, while Emirates NBD Capital and First Abu Dhabi Bank will serve as joint lead managers.

    Cairo-headquartered EFG Hermes has been appointed co-lead manager, and UK-based Allen Overy Shearman Sterling is acting as legal adviser.

    The move comes shortly after AD Ports Group posted its strongest quarterly performance to date, reporting an 88% increase in second-quarter net profit to AED836m ($227m).

    Revenue for the second quarter of this year rose 47% to $2bn, supported by gains across maritime and shipping, economic cities and free zones, and logistics.

    In January, Abu Dhabi approved plans to consolidate ADQ’s investment portfolio into L’imad Holding under the chairmanship of Abu Dhabi Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan.

    L’imad has been mandated to build, develop and manage a diversified portfolio of assets and projects in priority sectors in the UAE and internationally, with a focus on infrastructure and real estate, financial services, and asset and investment management.

    Once fully consolidated, the platform will encompass more than 25 investment companies and platforms, alongside over 250 subsidiaries.

    L’imad’s portfolio includes Taqa (utilities and power), Modon Properties (real estate), Etihad Airways (aviation), PureHealth (healthcare), Etihad Rail (transport infrastructure), Wio Bank (digital finance), AD Ports (logistics and maritime trade), McLaren (motorsport) and Louis Dreyfus (agricultural commodities).

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18798489/main.jpg
    Yasir Iqbal