Kuwait Office hosts Family Business seminar to a capacity crowd
Al Tamimi’s Kuwait office along with PricewaterhouseCoopers (PwC) hosted a joint seminar on 24 March 2014 in Kuwait, which focused on family businesses and how to create proper structures to ensure sustainability. Partner and Head of the Kuwait Office Alex Saleh, along with Partner & Regional Head of Corporate Commercial Gary Watts, discussed the mechanics of implementing a legal structure that would accomplish the various goals and objectives. Alex focused on Kuwait companies and how the New Companies Law allows for greater flexibility in structuring a succession plan, while Gary focused on the family arrangements, including the establishment of family trusts off-shore.
The Keynote address was given by Mr. Omar K. Alghanim, CEO of Alghanim Industries, Chairman of Gulf Bank and a Board Member of the Family Business Network. Mr. Alghanim delivered a powerful speech emphasising the importance of creating proper structures in family businesses to ensure longevity and to foster, reward and retain the best talent.
Founder and Senior Partner Essam Al Tamimi was also in attendance and presented on the pitfalls of undefined business structure and the real dangers of doing nothing. He also discussed how Shariah is a perfect system in protecting the rights of family members with respect to inheritance issues, but stressed the importance of having legal structures in place to sustain the continuity and prosperity of the businesses that the founders have created. Presenting on behalf of PwC was Dubai based Partner, Amin Nasser and Kuwait based Partner, Daryoush Pour. Amin spoke about what successful family businesses do to achieve sustainability and Daryoush provided insight on family business dynamics.
The Kuwait office of Al Tamimi & Company offers full legal services in Kuwait through a joint venture with registered Kuwait lawyer Yaqoub Yousef Al Munayae.