Arab family businesses must reflect on and review their strategies in the light of the current economic crisis, said an expert.

Institute of Management Development (IMD) president Professor Dr John Wells made this call at an interactive workshop hosted by The Tharawat Family Business Forum on 'winning strategies for Arab family businesses.'

He outlined practical and comprehensive approaches to help family businesses in the region assess their corporate strategies and identify actions to ensure business sustainability.

Through practical cases, participants were able to explore strategies for managing the impact of the downturn and how the introduction of timely corrective action can save companies from crises.

The workshop showed that innovation, responsible leadership and people development will help Arab family firms successfully emerge from the financial crisis.

'Events like this highlight the critical need for family businesses to re-think and re-organise their strategies and governance systems,' said Tharawat Family Business Forum chairman Essa Al Ghurair.

'Such gatherings will serve to strengthen the bond between family firms and help them play a more positive role as essential catalysts in the growth and development of the region's economy.'

'Family businesses are a critical force in the Gulf and key to the region's economic success,' added Dr Wells.

'This is why I was delighted to have the opportunity to discuss the strategic challenges of such businesses with some of the region's top families. I look forward to developing stronger relationships between IMD and members of the Tharawat Family Business Forum.'

As the global situation continues to affect economic players across the region, family businesses in the Arab world are expected to play a major role in stimulating regional recovery.

According to business experts, a clear internal structure and sound business strategy are critical for family businesses to be able to play this role effectively.

Tharawat Family Business Forum is a non-profit organisation, managing a network of family-owned enterprises in the Middle East and North Africa region and is the first Arab forum for family firms.-TradeArabia News Service