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.
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L&T announces UAE grid substation award
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Indian industrial contracting conglomerate Larsen & Toubro (L&T) has announced several new grid infrastructure orders, including the engineering, procurement and construction of a 400kV substation in the UAE.
The facility, awarded to L&T's Power Transmission & Distribution business, forms part of the planned 400kV interconnection between Oman and the GCC grid.
The interconnection will enable a direct 400kV link between Ibri in Oman and Al-Sila in the UAE. It involves around 528 kilometres of overhead transmission lines, expansion of the existing Al-Sila substation and the development of two new 400kV substations, one in each country.
MEED understands the substation to be built by L&T is a planned 400kV intermediate substation near Madinat Zayed in the UAE.
L&T also said it has secured an order for the construction of a series of 132kV substations in the Middle East to cater to rising power demand. No other details were given and it is unclear where these substations will be located.
In Saudi Arabia, the company has received a contract for the construction of 380kV overhead transmission lines associated with the integration of renewable energy power plants.
It is understood that these contracts are for Saudi Electricity Company's Al-Khurma 1 and Al-Khurma 2 projects in Mecca, for which L&T submitted the lowest bids earlier this year.
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Abu Dhabi takes the lead in green steel transition
14 October 2025
Abu Dhabi’s latest move to position itself at the forefront of the global transition to low-carbon heavy industry is the launch of TrueGreen, a new sustainability identity by Emsteel Group that unifies the company’s decarbonisation efforts.
The initiative reflects more than a decade of investment in green technologies, partnerships and innovation designed to transform one of the world’s most carbon-intensive industries into a cornerstone of the UAE’s Net Zero 2050 agenda.
It also highlights Abu Dhabi’s growing status as a hub for sustainable steelmaking and hydrogen-enabled manufacturing – sectors that will play a defining role in the energy transition.
At the launch event in late September, Emsteel Group CEO Saeed Ghumran Al-Remeithi described TrueGreen as the result of years of prudent decision-making. “From day one, we chose the right technology – electric arc furnaces – setting a cleaner foundation for our industry,” he said.
“We became the first steel company in the world to capture carbon dioxide (CO2) emissions, and today our production process has 45% lower carbon intensity than the global average. TrueGreen is a declaration of our unwavering commitment to sustainable steel, built on decades of innovation and delivered as a transparent, verifiable advantage for our customers.”
Industrial plans
What began as Emirates Steel, a key pillar of Abu Dhabi’s industrial diversification strategy, has evolved into Emsteel Group, the region’s largest publicly listed steel and building materials company, following its merger with Arkan Building Materials in 2021. Over that time, the company has taken key steps to align with Abu Dhabi’s broader vision of an industrial base that is globally competitive, digitally advanced and environmentally responsible.
Al-Remeithi noted that sustainability has always been part of the company’s DNA. “This is not new for us,” he said. “Sustainability has been in our DNA from the beginning. Since 2019, we have reduced Scope 1 and 2 emissions by 23%. By 2030, we aim for a 40% reduction in greenhouse gas emissions in steel production and 30% in cement, and by 2050 our goal is net zero across the group.”
Those efforts have already delivered tangible results. Emsteel’s low-carbon rebar has been used by Aldar in constructing Abu Dhabi’s first net-zero-carbon mosque on Yas Island. The project demonstrates that there is a practical application for green materials in the emirate’s built environment and sets a precedent for the UAE’s wider decarbonisation targets that call for a 79% reduction in built-environment emissions by 2035.
Another important part of Abu Dhabi’s green steel ambitions came a year earlier, when Emsteel announced a green-hydrogen pilot project with UAE-based Abu Dhabi Future Energy Company (Masdar) and private equity company Mubadala – the first of its kind in the Middle East. The partnership, which began production in late 2024, uses renewable hydrogen to extract iron from ore, replacing fossil fuels in one of the most energy-intensive steps of the steelmaking process.
The hydrogen used in the project is certified under the ISO 19870 standard and verified by Bureau Veritas, ensuring the integrity of its green credentials. “Our partnership with [Abu Dhabi National Oil Company] Adnoc, Mubadala and Masdar is advancing carbon capture and green-hydrogen steelmaking, turning ambition into operational reality,” Al-Remeithi said. “This is how we move from vision to measurable impact.”
For Abu Dhabi, green hydrogen is a natural extension of its role as a global energy producer transitioning towards cleaner fuels. Through initiatives led by Masdar, Taqa, Adnoc and Emsteel, the emirate is laying the foundations for an industrial ecosystem where green molecules – hydrogen, ammonia and e-fuels – become the feedstock for low-carbon manufacturing.
The launch of TrueGreen brings these achievements together under a coherent brand and data-driven certification framework. All TrueGreen steel products come with independently verified Environmental Product Declarations and digital traceability systems that provide batch-specific carbon data, allowing contractors, developers and financiers to track emissions with unprecedented precision.
“Developers face stricter regulations and investor pressure,” Al-Remeithi said. “Sustainability is no longer optional – it is a must for growth. Emsteel is your partner to thrive in this new reality, offering years of investment and innovation in a framework that transforms environmental leadership into direct value for our customers.”
Industrial strategy
The emirate’s leadership in green steel is part of a broader industrial strategy anchored in Operation 300bn and implemented by the Ministry of Industry & Advanced Technology (MOIAT). The strategy seeks to strengthen national manufacturing while ensuring that growth is consistent with the UAE’s net-zero trajectory.
Emsteel’s progress illustrates how this dual mandate can work in practice. Through its partnerships with Adnoc on carbon capture, Masdar on hydrogen and MOIAT on green certification, the company is helping shape the policy and technology frameworks that will define the region’s next industrial phase.
The importance of Abu Dhabi’s leadership extends beyond national borders. According to UK analytics firm GlobalData, the steel industry is responsible for up to 8% of global carbon emissions, making it one of the most challenging sectors to decarbonise.
By investing early in clean technologies and aligning with global frameworks, Abu Dhabi is positioning itself to supply the next generation of low-carbon materials demanded by global developers and infrastructure financiers.
“Our focus is clear,” Al-Remeithi said in closing. “To deliver high-quality products and sustainable solutions that meet the needs of today and tomorrow. In this journey, your trust and partnership remain essential.”
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Oman seeks consultants for Muscat project marine works
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Oman’s Ministry of Housing & Urban Planning (MHUP) has issued a tender inviting firms to bid for consultancy services for marine infrastructure development at the Al‑Khuwair Downtown project in Muscat.
The tender was issued on 19 September, with a bid submission deadline of 22 October.
According to an official notice on the Oman Tender Board, the scope of work covers design review and construction supervision of marine works, coastal protection, land reclamation, canals and locks, and beach protection.
The firms that have purchased the tender documents include:
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- WSP International (Canada)
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- STI Engineering (Italy)
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The first tender covers marine infrastructure works (excluding breakwater), including peninsula reclamation, reclamation-edge treatment, dredging, canal construction, island beach development and a terminal groyne.
The other tender covers breakwater works, comprising the following scope:
- Design and build of main breakwaters of about 1,500 metres
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Zaha Hadid Architects is progressing with the urban-planning design works, while local firm F&M Middle East is the executive urban planner.
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The first phase is set for completion by 2030.
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Kuwait makes major offshore gas discovery
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State-owned upstream operator Kuwait Oil Company (KOC) has made a “landmark” gas discovery in the Jazah offshore area, according to its parent company Kuwait Petroleum Corporation (KPC).
KPC said the discovery has produced the highest vertical well flow in Kuwait’s history from the Maqwa formation.
The well has produced more than 29 million cubic feet a day of gas and more than 5,000 barrels a day of condensates.
In a statement, KPC said: “This milestone reflects the success of KOC’s offshore exploration strategy and supports the KPC 2040 vision to enhance energy security and drive sustainable growth.”
In a separate statement, KOC said the newly discovered reserve contains an estimated 1 trillion cubic feet of gas.
KOC also estimated that the field covers an area of about 40 square kilometres.
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Its first offshore find in 2024, the Noukhadha field, contains about 3.2 billion barrels of oil equivalent.
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Kuwait began offshore exploration as part of its investment strategy to meet future oil demand and received its first offshore drilling rig in mid-2022.
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BP awards Egypt well drilling contract
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BP has awarded a contract to Valaris, a US offshore drilling contractor, to drill five new offshore gas wells in Egyptian waters.
According to a statement from Egypt’s Ministry of Petroleum & Mineral Resources, the wells will be drilled in BP’s Mediterranean concession areas at water depths of 300-1,500 metres using the Valaris DS-12 deepwater drilling rig.
The drilling contract follows a preliminary memorandum of understanding that BP signed in September with Egyptian Natural Gas Holding Company.
Karim Badawi, Egypt’s minister of petroleum and mineral resources, said that BP’s gas projects in the Mediterranean are key to boosting domestic gas production and securing new resources to meet demand during peak summer consumption.
He added that the Egyptian government’s support would accelerate BP’s projects, aiming to increase local gas production over the next year while discovering new reservoirs to enhance Egypt’s production capacity and reduce import needs.
BP is expected to start operations for its new upstream campaign in 2026, according to Egypt’s oil ministry.
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Wael Shahin, BP’s Egypt country manager, said that the DS-12 rig will enable BP to build on the success of its recent exploration campaign and accelerate production from new discoveries.
BP has been active in Egypt’s oil and gas sector for 60 years.
The new drilling campaign follows BP’s exploration activities in the first half of 2025, which led to two new gas discoveries in the West Nile Delta basin.
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