Family businesses represent 63% of private sector in Saudi Arabia, says official

Ghassan Ahmed Al Sulaiman, chairman of NCFB

Family businesses represent 63% of the private sector entities in Saudi Arabia, and account for 66% of the private sector gross domestic product (GDP), according to Ghassan Al Sulaiman, chairman of the National Center for Family Businesses (NCFB).

Speaking at the National Conference for Family Businesses Sustainability, Al Sulaiman indicated that family-owned businesses also provide 76% of job opportunities in the private sector.

NCFB, in cooperation with the Capital Market Authority (CMA), are encouraging these conglomerates to go public to maintain sustainability, he noted.

Al Sulaiman further indicated that several talks were held with the Ministry of Commerce to discuss the new draft corporate law to ensure it would help family businesses to achieve busines sustainability.