Yemen participates in First Forum for Gulf Family Companies [Archives:2006/953/Local News]

June 8 2006

DUBAI, June 6 ) Yemen took part in the First Forum for Gulf Family Companies, which started Tuesday in Dubai, the United Arab Emirates. The event was organized by the Saudi Law Training Center (SLTC) in cooperation with trade and industry associations located in Gulf Cooperation Council (GCC) states.

The Forum involved 150 economists, businessmen, academics, judges, and lawyers from various Arab states, plus other non-Arab international experts.

Majed Al-Qarub, chairman of the SLTC, commenced Forum activities and welcomed Yemen's participation represented by delegations from large Yemeni companies, which he described as “distinctive.”

“First, let me bid a special welcome to representatives of international companies in Yemen, who came to know about Gulf laws by operating in trade companies and stock markets and by integratin into the Gulf economic community. Yemen's participation is part of the country's preliminary steps for GCC admission,” Al-Qarub said.

Al-Qarub pointed-out that the two-day forum would discuss many legislative and organizational challenges facing nearly 20,000 international companies with operations in the Gulf whose investments amount up to $500 billion (USD) while their total assets and investment capital total some $2 trillion (USD). These companies constitute 75% of private sector economy in the Gulf.

Mohamed Abdullah Al-Mulla, secretary-general of trade and industry associations of GCC member states, presented a speech in where he stated that “the Gulf Family Companies have played a distinctive and primary role in the modern economic development of the Gulf stated.” These companies function as the main engine for economic growth outside of the petroleum sector, said Al-Mulla.

“Despite the fact Gulf Family Companies play an important role in economic recovery, they face several external and internal challenges threatening their survival. Such challenges force them to work on improving their state of affairs and enhancing their capabilities to survive, develop, and compete,” Al-Mulla added.